Consignment Accounting
This query is : Open
Praveen Pandit
(Querist)
17 February 2010
Dear Sir
i want to know the accounting entry of problem given below
problem- we have sent 29.510 mt material sent to consignment agent but out of that 13.155 mt material stolen in transit.(Note - excise duty involved material)
i want to know the accounting entry of problem given below
problem- we have sent 29.510 mt material sent to consignment agent but out of that 13.155 mt material stolen in transit.(Note - excise duty involved material)
CA Chitresh Gupta
(Expert)
17 February 2010
Loss in Transit Dr.
Inventory Cr.
Inventory Cr.
shakuntala chhangani
(Expert)
22 February 2010
Dear friends, note the following entries in case of consignment :
1. When the goods are sent on consignment:
Consignment A/c Dr. XX
To goods sent on consignment A/c XX
2. When exp. incurred by consignor on above :
Consignment A/c Dr. XX
To Cash / Bank A/c XX
3. When exp. incurred on above by consignee :
Consignment A/c Dr. XX
To Consignee's A/c XX
4. When goods lost in transit :
Goods lost in transit A/c Dr. XX
To Consignment A/c XX
Since loss in transit in an abnormal loss, it will be credited to consignment account in the same manner as we credit goods lost by fire to trading a/c so as to get normal GP. It will be valued at cost + exp. of consignor (proportionate).
Regards, CA Shakuntala Chhangani
1. When the goods are sent on consignment:
Consignment A/c Dr. XX
To goods sent on consignment A/c XX
2. When exp. incurred by consignor on above :
Consignment A/c Dr. XX
To Cash / Bank A/c XX
3. When exp. incurred on above by consignee :
Consignment A/c Dr. XX
To Consignee's A/c XX
4. When goods lost in transit :
Goods lost in transit A/c Dr. XX
To Consignment A/c XX
Since loss in transit in an abnormal loss, it will be credited to consignment account in the same manner as we credit goods lost by fire to trading a/c so as to get normal GP. It will be valued at cost + exp. of consignor (proportionate).
Regards, CA Shakuntala Chhangani
Praveen Pandit
(Querist)
22 February 2010
Dear sir
Can u tell me how to passed below entry in SAP with effect of Inventory Qty. and amount
(note - Inventory account is only internal posting )
Loss in Transit Dr.
Inventory Cr.
Can u tell me how to passed below entry in SAP with effect of Inventory Qty. and amount
(note - Inventory account is only internal posting )
Loss in Transit Dr.
Inventory Cr.
shakuntala chhangani
(Expert)
23 February 2010
Dear praveen, pls don,t change my gender n use ms. in ur next communication. whatever is the balance in goods sent on consignment a/c, it will be transferred as :
Goods sent on consignment A/c Dr. XX
To Trading / Purchase A/c XX
this entry is always passed at cost. it reduces the amount of inventory. In case u have any further doubt, revert back to me. Regards, CA Shakuntala Chhangani
Goods sent on consignment A/c Dr. XX
To Trading / Purchase A/c XX
this entry is always passed at cost. it reduces the amount of inventory. In case u have any further doubt, revert back to me. Regards, CA Shakuntala Chhangani
Praveen Pandit
(Querist)
23 February 2010
Sorry Mam
but i want only entry in SAP and process
but i want only entry in SAP and process
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