what is the journal entry for received commission from ram....is it comission acc - ram acc or commission rec'd from lucky what's the jourash acc - ram acc?
Answers
Answered by
2
Hey!!!
The Journal Entry will be
Cash a/c Dr
To Commission a/c
Here commission a/c is credited because it is an income and cash comes in.
Hope this helps ✌️
The Journal Entry will be
Cash a/c Dr
To Commission a/c
Here commission a/c is credited because it is an income and cash comes in.
Hope this helps ✌️
Answered by
8
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.
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