Please let me know the correct way to make entry for commission received.
I am buying goods from ABC Company and selling them.
On 1 occasion my customer wanted direct billing from the manufacturer i.e ABC Company.
The order was procured by me ( PO in the name of ABC Company ) with ( 5% commission on the goods value agreed mutually by me and ABC Company ).
Goods Value : 100
Commission : 5
Tax Deduction at source : 0.50
I have recd. 4.50 in Bank account.
Note : The accounting year has changed but this commission is for the previous financial year. I would like to accommodate this commission in the previous year only but i have recd. it in this new financial year.