Journal entries in consignee books

This query is : Resolved

Share Report Follow Query Ask a Query

Rupinder Singh

Rupinder Singh (Querist)
Follow

01 October 2016 Sir / Maam,

Can any body give me the journal entries in consignee books.

Regards
Rupinder Kaler

Amresh Joshi

Amresh Joshi (Expert)
Follow

07 October 2016 The entries to be passed in the books of consignee are as under:
1.0 Expenses paid on behalf of consignor
Consignor A/C Dr
To Bank

2.0 Advance sent to consignor
Consignor A/C Dr
To Bank
3.0 Sale made on behalf of consignor
Bank A/C Dr
To Consignor
4.0 Credit sale made on behalf of consignor
Debtors A/C Dr
To Consignor
5.0 commission charged to Consignor
Consignor A/c Dr
to Commission
6.0 Bad debts by debtor but to be borne by consignor
Consignor A/c Dr
To Debtors
7.0 Bad debts by debtor and not to be born by consignor
Bad debts A/C Dr
To Debtors A/C
8.0 cash received from debtors
Cash A/C Dr
To Debtors
9.0 Bad debts transferred to commission A/C
Commission A/C Dr
To Bad debts
10.0 Commission transferred to P&L Account
Commission A/C Dr
To P&L A/C
11.0 Payment to Consignor
Consignor A/C Dr
To Bank
12.0 B/p Accepted for consignor
Consignor A/C Dr
To B/P A/c
13.0 B/p paid
B/p A/c Dr
To Bank

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

svgovindaraju

Krishna Kumar A

Samruddhi Agrawal

R NATARAJAN

Amogh Gokhale

Subscribe Now

Journal entries in consignee books

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

GST CONSULTANT

Accountant

Senior Executive