accounting entries in the books of consignor
TRANSCRIPT
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
Accounting entries in the books of Consignor
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
On sending/(consigning) of goods:
For payment of expenses:
For receipt of advance from consignee:
On receipt of account sales(for sales made by consignee):
Accounting Entries - Books of Consignor
(for expenses incurred by consignee):
(for commission payable to consignee):
(for remittance by consignee):
For profit on consignment:
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
On sending/(consigning) of goods:Consignment a/c Dr To Goods sent on Consignment a/cFor payment of expenses:Consignment a/c Dr To Bank a/c
For receipt of advance from consignee:Bank a/c/ Bills receivable Dr To Consignee a/c
On receipt of account sales(for sales made by consignee):Consignee a/c Dr To Consignment a/c
Accounting Entries - Books of Consignor
(for expenses incurred by consignee):Consignment a/c Dr To Consignee a/c
(for commission payable to consignee):Consignment a/c Dr To Consignee a/c
(for remittance by consignee):Bank a/c / Bills receivable a/c Dr To Consignee a/c
For profit on consignment:Consignment a/c Dr To Profit on Consignment a/c(reverse the entry in case of loss)
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
In case of inventories on consignment:
To close the goods sent on consignment account:
Accounting Entries - contd
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
In case of inventories on consignment:Consignment Stock a/c Dr To Consignment a/cTo close the goods sent on consignment account:Goods sent on Consignment a/c Dr To Trading a/c or Manufacturing a/c
Consignment Stock a/c - Real account - Balance sheetConsignment a/c - Nominal account - Profit / Loss a/cGoods sent on Consignment a/c - Real account
Accounting Entries - contd
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
Consignment account - Format
Particulars ₹ Particulars ₹
To Goods sent on consignment xxx By Goods sent on consignment (returns)
xxx
To Bank - (consignor expenses) xxx By Consignee (cash sales) xxx
To Consignee -(consignee expenses)
xxx By Consignment Stock xxx
To Consignee -(commission) xxx By Loss on Consignment transferred to General Profit and Loss
xxx
To Profit on Consignment transferred to General Profit and Loss
xxx
xxx xxx
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
Other accounts - Format
Particulars ₹ Particulars ₹
To Consignment (with cash sales) xxx By Bank / Bills Receivable xxx
By Consignment (consignee expenses & commission)
xxx
By Bank (settlement of balance) xxx
xxx xxx
Consignee a/c
Particulars ₹ Particulars ₹
To Consignment (goods returned by consignee)
xxx By Consignment (goods sent) xxx
To Trading a/c / Purchase a/c
xxx xxx
Goods sent on Consignment a/c
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam
Watch Full Video course & take quiz visit https://www.meraskill.com
https://meraskill.com/ca-cpt/cpt-noteshttps://meraskill.com/ca-cpt/cpt-examhttp://www.meraskill.com/cpt-question-paperhttps://meraskill.com/ca-cpt/cpt-syllabushttps://www.meraskill.com/fridayrelease
MeraSkill.com Online preparation for CA CPT,CS & CMA Foundation exam