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Recording Managerial Commission

While passing...

Question

While passing the adjustment entry for the managerial commission, managerial commission payable account is:

A

Credited

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B

Debited

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Q. (Adjustment Entries) From the following information available on 31st March, 2018, pass the necessary Adjustment Entries in the Journal for the year ending on that date:
(i) Interest accrued ₹ 2,500.
(ii) Wages for March, 2018 outstanding ₹ 10,000.
(iii) Insurance prepaid ₹ 1,500.
(iv) Commission due to Manager 6% on net profit after charging such commission. The profit before charging such commission was ₹ 1,06,000.
(v) Interest due on loan but not paid. Loan of ₹ 1,50,000 was taken at 9% p.a. 9 months before end of the year.

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

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

The managerial commission is classified as:

Q. The managerial commission is classified as .

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