Brokerage paid on sale of goods is debited to Brokerage A/c.TrueFalse (2024)

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Brokerage is a fee or commission paid to a broker who is engaged in business in buying or selling shares and securities.

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.

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Brokerage paid on sale of goods is debited to Brokerage A/c.TrueFalse (2024)

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