Barbie perhaps receiving doll's first award (5)
I believe the answer is:
medal
'award' is the definition.
(medal is a kind of award)
'barbie perhaps receiving doll's first' is the wordplay.
'barbie perhaps' becomes 'meal' (short for barbecue, type of meal).
'receiving' is an insertion indicator.
'doll's first' becomes 'd' (1st letter of 'doll').
'meal' going around 'd' is 'MEDAL'.
(Other definitions for medal that I've seen before include "George Cross, for instance" , "Commemorative piece of metal" , "Piece of metal as award or in commemoration" , "sort of play" , "eg VC" .)