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Answer Posted / romey singh
THE INTEREST WHICH IS EARNED BUT STILL NOT RECEIVED.FOR
EXAMPLE IF U GET COMMISSION ON SIX MONTHLY BASIS AND IN
BETWEEN THE FINANCIAL CLOSING COMES SAY MARCH 31 AND NEXT
COMMISSION DUE DATE IS JUNE 30 IT MEANS THAT THE FIRST 3
MONTHS COMES UNDER (JAN TO MARCH) CURRENT FINANCIAL
YEAR,THEREFORE IT IS ESSENTIAL TO CHARGE COMMISSION OF THOSE
3 MONTHS IN CURRENT FINANCIAL YEAR(ACCORDING TO RULES OF ACCRUAL ACCOUNTING)SO U WILL CALCULATE THE 3 MONTHS
COMMISSION AND PASS THE FOLLOWING ENTRY.
ACCRUED COMMISSION A/C......DR
TO COMMISSION A/C
YOU WILL SHOW THIS AMOUNT IN ASSETS SIDE OF B/S.
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