How to do accounting for consignment sale

A/c entries 905 views 1 replies

cfo

38 Points Joined November 2014

hi if cosinee agent is third pary and doing sales on behalf of principal

so how to maintain acconting of principal and agent

pricipal need to maintain every invoice done by agent and all expansess

or need to just singal entry of stock tranfer and payment recived

Replies (1)

Master in Accounts & high court Advocate

9605 Points Joined December 2011

In consigner books, the sale entry will be like this.

Consignee a/c Dr

to Consignment a/c

In consignee books, the sale entry will be like this.

Cash a/c Dr or Debtor a/c Dr

to Consignor a/c

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