24 hours but no answer to this question

A/c entries 1725 views 8 replies

mithali

Accountant

67 Points Joined February 2009

The concern i work is into trading of goods which are partly sent on consignment to different cities in india & partly local sales.

We are using tally 9. I want to learn journal entries of consignment sales using tally.

I request the members of this club to provide me with journal entries using tally along with ledger creation ( groups under which accounts like consignmen a/cs to be taken).

I also want the sales tax treatment of consignment sales.

I referred to b.s.raman & shukla & grewal text books but couldn't do the entries in Tally.

please kindly provide me a solution

Replies (8)

mithali

Accountant

67 Points Joined February 2009

Its been more than 24 hours since I had originally posted this query but so far I haven't received any answers from the accounting fraternity or from the experts

You can use memorandum vouchers. whenever you use these type of vouchers, they will not give effect and do not reflect in original set of account books. Because sales to conginees are not real sales, yet the title of stock is in company's hands.

Go to voucher entry, ctrl + F10, enter following entry :

Dr. Consignment/Consignee A/c.

Cr. Consignment Sales A/c.

The entry of above transaction will not give real effect in your Sales A/c. or stock A/c.

They are maintained in memo books to track your consigment transactions only and at the time of actual sales by your consignee, these transactions should be used as base to pass actual entries in your real books by using Voucher type "Sales - F8"

To view memo entries, go to Display, Exception Reports, Memorandum Vouchers, Press F6 Extract.

shailesh agarwal

professional accountant

7647 Points Joined September 2008

use group company a/c feature-create one company for consigner and other for consignee--------------make enteries in each companies and see joint result in group company features

CA SUDIPTA SINHA

Commerce Coaching- Accounts Cost FM

735 Points Joined January 2008

I do agree with Mr. shailesh agarwal. treat the consignment a seperate unit. prepare a consignment a/c using a group company as u have done in graduation. for this create necessary accounts as required. and in another group company post the local sales. then merge the consignment profit to the main business and do the necessary adjustment entries in the main company.

achal agarwal

Tally Authorised Partner

177 Points Joined August 2008

You Can Also Use Multiple Godown Option In Tally.

Create Seperate Godowns For Each Location Where you despatch MAterial On Consignment.

For MAking Transfer Of Material to other Location or Party, Please Use Stock Journal.

And When Making Actual Sale of that material Select THe Appropriate Godon While Making Sale ENtry.

Benefits of Using THis Method.

You will have Location Wise stock Details Of Each Location With Details Of BalanceOf Stock At Each Loction And Also in Stock Summary you will have total STock.

Hope This Works For You.

When Sending Material On Consignment

Originally posted by :mithali

The concern i work is into trading of goods which are partly sent on consignment to different cities in india & partly local sales.
We are using tally 9. I want to learn journal entries of consignment sales using tally.
I request the members of this club to provide me with journal entries using tally along with ledger creation ( groups under which accounts like consignmen a/cs to be taken).
I also want the sales tax treatment of consignment sales.
I referred to b.s.raman & shukla & grewal text books but couldn't do the entries in Tally.
please kindly provide me a solution

vimal kumar

Account Assistant

44 Points Joined July 2009

hi friends please tell me .....

vat rate and return date with challan no & form

Paramasivam Umamaheswaran

Test Lead-BFSI

28 Points Joined August 2009

Hai,

Always keep the Stock account separately and post only the Realised Transaction in Books of accounts., As this will help you to update the Stock separately at the end of the year.

mohamadilliyas

Accountant

29 Points Joined May 2010

While remitting tds monthly recovery, i have mistakenly entered the assessment year 2011-12 instead of 2010-11 in bank challan. is there any option to solve this problem?