RECORDING SALE OF ASSET AND COMMISSION

Question

Can you please advise how is best way to record this Sale of Asset.2 amounts have been deposited to our bank account which is the 1.&nbsp; Balance on Settlement and then 2. balance on Disbursements&nbsp;I will use ficticious figures here:&nbsp;Sale Price&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 1,200,000Deposit Held&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;60,000Balance on Settlement&nbsp; &nbsp; &nbsp; 1,140,000 - Received into account&nbsp;Disbursements&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 60,000Less Agents COmm&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;1,815Remaining Funds&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;58,185 - Received into account&nbsp;How am I best to record the actual sale of the asset (as 2 amounts have been receieved into account) as well as claim the gst on the commission that agent has charged.&nbsp;Many thanksJanelle

doreen_p · Answer

Hi&nbsp;JANELLE&nbsp;
&nbsp;
Thanks for your post. Since we are not permitted to provide any financial advice, I highly recommend at this point to speak with your accountant or your financial advisor as they can give you the best way how to record the Sale of Asset.
&nbsp;
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
&nbsp;
Best regards,Doreen

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RECORDING SALE OF ASSET AND COMMISSION

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