We are a firm and mainly exports goods on consignment basis, of which part of the goods are return by the party and for the balance the party make a payment. what entries to be posted for the same? what entry has to be posted for the goods that has been return whether to show as advance or the pymt. has to be made for the same. Pls. guide.
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Sale on consignment
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1)the unsold stock will be returned by the consignee to consignor!!
consignment stock A/c Dr
to consignment A/C
2)for advance payment:
bank A/c Dr (or)
bills receivable A/c Dr
to consignee A/c
both entries will only passed in the books of consignor!!
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