InterviewSolution
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Write journal 400 received for commission |
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Answer» Journal entry of received for commission: Cash/ Bank A/c ……. Dr To Commission A/c [Being received coomission] 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.Explanation: |
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