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Why is abnormal loss credited to consignment a/c?

Others 1903 views 4 replies

Adarsh Saji

62 Points Posted on 30 August 2018

If consignment a/c is an nominal a/c then shouldn't losses be debited? Pls help.

Replies (4)

Guest

Because, consignment account is kind of trading account. Effect of abnormal loss is not reflected in it. That's why we reverse its effect by crediting here and debiting such account in profit and loss account.

Adarsh Saji

62 Points Posted on 30 August 2018

Oh i see..thank you.

Guest

you're welcome .

vishnu

Student CMA

22 Points Posted on 07 November 2021

But when consignment account is being credit, won't it will increase the profit of consignment business?

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