Comments on: Consignment Accounting Exercises and Problems

By: sheriff

sheriff — Sun, 09 Oct 2016 00:39:43 +0000

please what are the accounting processes involved in a consignment?

By: Naresh

Naresh — Mon, 18 May 2015 12:11:25 +0000

Goods sent on consignment is a gross amount despatched from one location to another location and it is not sale or purchase. Then, why trading account is credited in final Jv? Secondally, we have to show Stock with consignment agent as our stock in the Profit and Loss a/c and balance sheet, then again the quantity to the extent of stock is duplicated. Once we show the entry of goods on Consignment a/c in Trading a/c and second time when we create stock a/c after crediting Consignment to >>>>>a/c ledger. I did not understand the concept.
Moreover, Please show me that how to reflect the Consignment Sales in our main P & L a/c as turnover of the Company. No such entry shows this aspect. I sicerely request you to elaborate. Thanks

By: kashif

kashif — Mon, 22 Sep 2014 10:42:29 +0000

i can want what is consignment

By: Akshay

Akshay — Tue, 22 Jul 2014 06:38:51 +0000

Purchase include goods worth Rs.12000 which are unpaid. The goods are received on consignment basis for sale which 10% commission is receivable.