Question

give journal entry for the below' 1.brokerage due to us 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.