Question

received from commission. hepl ledger and voucher​

Answer 1

Answer:

COMMISSION RECEIVED

Posted By G.S. Bansal, On January 28, 2012

When a business firm receives any amount from any person in respect of any services rendered to help them for increasing the sale or helping in purchase of goods or relating to other business transaction, then this receipt will be treated as commission received. Normally the amount of commission is mutually agreed by both the parties according to the contract made by them.

If the business firm is purely doing the marketing work for other firms or rendering their services on commission basis only, in that case the commission received will be a direct income, otherwise , the commission received will be an indirect income.

Answer 2

Explanation:

Journal entry of received for commission:

Cash/ Bank A/c ……. Dr

To Commission A/c

[Being received commission]

Cash A/c Debit because the cash is (Real Account), and comes in, any type of assets comes in is debit based on Golden rules.

Commission A/c Credit because the Commission is (Nominal Account) and one type of Income and Income is also Credit. Based on the Debit and Credit or Golden Rules.

Rules:

Cash - Real Account - Comes in - Dr

Commission - Nominal Account - Income - Cr

Golden Rules:

Personal Account:

Debit the Receiver, Credit the Giver

Real Account:

What cames in Debit and what Goes out Credit

Nominal Account:

Expenses & Loss Debit, and Income, Profit Credit

I hope this answer helps you.