Please suggest the accounting entry in Case of Goods Send on Consignment Basis, and how to treat the entry if the part of the goods received back.
pooja
(student cpt)
(93 Points)
Replied 13 August 2012
first entry wud be.... consignment ac dr.
to guds sent on consignment
second entry shud be the reverse of first one..... but not sure
vijay
(Accountant)
(28 Points)
Replied 22 September 2012
Second entry would be just opposite of first entry.
Goods sent on Consignment A/c Dr
To Consignee a/c
Bhaskar Unnikrishnan CPA CMA
(Accounts / Administration)
(414 Points)
Replied 23 September 2012
On Dispatch of Goods:
(Debit) Consignment a/c
(Credit) Goodse send on Consignment
For any return by Consignee:
Reverse the above entry
Payment of expense eg. transportation incurred by Consigner:
(Debit )Consignment a/c
(Creidt) Cash/Bank
Payment of expense eg. transportation incurred by Consignee
(Debit) Consignment a/c
(Credit) Consignee's Personal A/c
Sale by Consignee:
(Debit) Consignee personal a/c
(Credit) Consignment
Commission to Consignee:
(Debit) Consignment A/c
(Credit) Consignee Personal A/c
For Unsold stock with Consignee:
(Debit) Stock on Consignment A/c
(Credit) Consignment a/c
Check below link as welll... will give you good insight:
https://www.slideshare.net/WeXplain/cacpt-accounts-consignment-revision-sheet-imp-mcqs
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