ACCOUNTING TREATMENT
This query is : Resolved
Querist : Anonymous
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
In case of before commencement of commercial production if any land was sold what is the treatment
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
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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