Solve
Guides
You visited us 0 times! Enjoying our articles? Unlock Full Access!
A True
Open in App
Solution
Verified by Toppr
Hence, it is an indirect expense for a business that is to be accounted under Brokerage A/c. Being an expense for the business, it should be debited to Profit and Loss A/c, according to the rule of nominal account.Brokerage is a fee or commission paid to a broker who is engaged in business in buying or selling shares and securities.
Was this answer helpful?
1
Similar Questions
Brokerage paid on sale of goods is debited to Brokerage A/c.
View Solution
Q
2
Shri. Batliwala sold shares of Rs 30,350 and purchased shares of Rs 69,650 in a day. He paid brokerage at the rate of 0.1% on sale and purchase. 18% GST was charged on brokerage. Find his total expenditure on brokerage and tax.
View Solution
Q
3
Shri. Batliwala sold shares of Rs 30350 and purchased shares of Rs 69650 in a day. He paid 0.1% brokerage on both sale and purchase of shares. 18% GST was charged on the brokerage. Find his total expenditure on brokerage and tax.
View Solution
Q
4
Shri. Batliwala sold shares of Rs.30,350 and purchased shares of Rs.69,650 in a day. He paid brokerage at the rate of 0.1% on sale and purchase. 18% GST was charged on brokerage. Find his total expenditure on brokerage and tax.
View Solution
Q
5
Smt. Aruna Thakkar purchased 100 shares of FV 100 when the MV is Rs 1200. She paid brokerage at the rate of 0.3% and 18% GST on brokerage. Find the following –
(1) Net amount paid for 100 shares.
(2) Brokerage paid on sum invested.
(3) GST paid on brokerage.
(4) Total amount paid for 100 shares.
View Solution