Question

outstanding commission journal entry​

Answer 1

Answer:

Commission ac Dr

To Outstanding commission ac

Explanation:

simply Outstanding means you have not paid by the period so as per IT act & companies act you need to transfer those expenses to outstanding account.

so you are reducing the expense account by transferring to Outstanding.

ex. Rent 12000 by the end of the month.

rent is p&l account. you didnt pay the amount by end of month so it created a liability so you need to transfer the rent to o/s rent account.

Rent ac Dr 12000(p&l item)

To O/S Rent ac 12000(balance sheet item)

Answer 2

Commission alc dr,
To o/s commission