CONDIGNMENT SALES
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2010
SIR
CAN WE INCLUDE THE GOODS SOLD IN CONSIGNMENT SASALE IN THE TURNOVER OF A FIRM WHILE ANALYZING THE BALANCE SHEET AS A LENDER. IF YES? HOW? IF NOT. WHY?
PLS EXPLAIN THE MATTER ON LEGAL ISSUE
CAN WE INCLUDE THE GOODS SOLD IN CONSIGNMENT SASALE IN THE TURNOVER OF A FIRM WHILE ANALYZING THE BALANCE SHEET AS A LENDER. IF YES? HOW? IF NOT. WHY?
PLS EXPLAIN THE MATTER ON LEGAL ISSUE
24 December 2010
from the legal angel i think instead of taking into account consignment sale in the books of consignor ,better take the actual sale made by the consignment agent (for making it simple can take a confirmation of the material received by him ,sold by him & closing stock),although i believe practically it will be too difficult to get the data as generally now days consignment agent is being made only in books to avoid double taxation of vat/sales tax ,so in actual company may be selling directly at a price ,they send the material thru consignment sale/transfer to enable to get the benefit of form F of CST.Check the payment schedule of the consignee to the consignor.
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