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ACCOUNTING TREATMENT

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 October 2010 Dear Members,
In case of before commencement of commercial production if any land was sold what is the treatment
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CA. PRASAD

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CA. PRASAD (Expert)
19 October 2010 For Receiving Goods on Consignment. :
No Entry in the books of mr. X. (In consignment ownership of goods remains in the hands of consignor, Mr. X is a consignee just having physical possession & owner of goods)
For Sales
Debtor/ Cash A/c......Dr.
To Consignee A/c.
For Expenses for Consignment:
Consignor A/c.........Dr.
To Cash/ Bank A/c
For payment to Consignor
Consignor A/c........Dr.
To CAsh/ bank A/c
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