Question

journal entry for paid Commission

Answer 1

Commission A/c Dr.
             To Cash /Bank A/c

Answer 2

Commission A/c…..Dr

To cash/Bank A/c

Explanation:

Under the Accrual of bookkeeping, you should record a cost and a counterbalancing obligation for a commission in a similar period as you record the deal produced by the salesman, and when you can figure the measure of the commission.

This is a charge to the commission business ledger and a sound representative for a commission risk account which is generally delegated a momentary obligation, with the exception of situations where you hope to pay the commission in over one year  

Under the Cash basis of bookkeeping, you should record a commission when you pay it, so there is an a sound representative for the money account and a charge to the commission business ledger .

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Pass journal entries :

1) Sold books and stationary to KP Bros 30,000 and cash 20,000.

2)premium paid for insurance of goods 4000

3) premium paid on life policy of employees 7,000

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