While doing the adjustment entry for the managerial commission, which account shall be credited?

Managers account

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Managers commission payable account

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Asset account

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Profit & loss account

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Solution

The correct option is B
Managers commission payable account

The correct adjusting entry is:

Managers commission A/c Dr
To Managers commission payable A/c

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The effect of the adjustment entry of managerial commission payable on the asset side of the balance sheet is :

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