consignment sale

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CA Puru Goyal (Querist)
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11 December 2009 Now I am on audit of trading company, it deals with buyer according to consignment.So during the audit what complianc should be fullfilled b me? Plz suuggest,......

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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15 December 2009 Whatever stock is held with the consignee at the end of the accounting year; the same should be included in consignor's stock at cost if it is overpriced while sending to the consignee.

A confirmation from consignee regarding holding of stock on behalf of consignor should be obtained.

Check also the statement of consignment sales made by the consignee.

Account confirmation from consignee should also be obtained.

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