Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method.
Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method.
Anurag Pathak Changed status to publish April 9, 2023
Answer:-
Adjusting Entry:
Commission A/c …Dr.
To Partner’s Current A/c
Closing Entry:
Profit and Loss Appropriation A/c …Dr.
To Commission A/c
Anurag Pathak Changed status to publish April 9, 2023
