Consignment Sales
This query is : Resolved
RENU GUPTA
(Querist)
19 June 2016
Altd has entered into agreement with Mr. B tht B will make sales on behalf of Altd. A ltd sell product to B at Rs. 100 and then such goods are sold by B at Rs. 105... would A ltd recongnise such Rs. 5 as its revenue in its books of accounts ? Explain with the help of AS 9.
21 June 2016
The goods sold to the consignor would be considered as the "Goods sold on consignment". When the consignor sells the goods to the customer, it would be considered as sales. Thus in case of consignment sales, Rs.5 will be shown as revenue
RENU GUPTA
(Querist)
21 June 2016
ok thank u... wat would b d treatment in case of loss incurred by consignee... will consignor also record d same ?
22 June 2016
Yes the consignor should also record the loss
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