Question

give journal entry for brokerage due to us worth rs 500

Answer 1

The Journal will include the particulars. LF, Debit amount and credit amount. For the Brokerage Account, it will be:

Brokerage A/c Dr

To Outstanding Brokerage A/c Dr

(Brokerage due to be paid)

The brokerage can be of two prospective – Buyer perspective in which the buyer’s book is considered and Seller perspective in which the seller book is filed.

Answer 2

In this question, we need to pass the necessary journal entry.

Brokerage is due-

Accrued Brokerage A/C DR

       To Brokerage A/C

( Being brokerage due)

Rules to keep in mind while recording a journal.

• If any asset and expense increase it is debited and if it decreases it is credited.

• If any capital and liability increase it is credited and if it decreases it is debited.

• Each journal entry in double-entry accounting must include two accounts, one credit, and one debit.
• Journal entries adhere to a set structure to ensure that the information is clear to anybody who reads them.

PROJECT CODE #SPJ2

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