Consignment Accounting Accounts - Study Notes
Study Notes
- Understanding Consignment Business
- Accounting System Design for Consignments
- Accounting Heads in Consignor Books
- Accounting Heads in Consignee Books
- Account Sales
- Consignor Sending Goods to the Consignee
- Expenses on Consignment Paid by the Consignor
- Expenses on Consignment Paid by the Consignee
- Advance and other amounts sent to the Consignor by the consignee
- Cash/Credit Sales made by the consignee
- Sales Commission to Consignee - Ordinary, Delcredere, Overriding, Special
- Credit Sales Consignment Debtors - Collection by the Consignee
- Credit Sales Consignment Debtors - Collection by the Consignor
- Classification of expenses on Consignment as Direct and Indirect
- Valuation of Closing Stocks on Consignment
- Recording the Value of Closing Stock
- Valuation of Normal/Abnormal Losses
- Recording/Journalising the Value of Normal/Abnormal Losses
- Expenses incurred on Normal/Abnormal Loss Stocks
- Sale of Normal/Abnormal Loss Stocks
- Commission on Sale of Normal/Abnormal Loss Stocks
- Insurance Realisation on Abnormal Loss Stock
- Profit/Loss on Disposal of Normal Abnormal Loss Stocks
- Recording Net Effect of losses without using Normal/Abnormal Loss accounts
- Bad Debts, Discounts - Unrealised Sale Proceeds from Consignment Debtors
- Stock returns by Consignee to Consignor
- Credit Sales returns to the Consignee
- Cash Sales returns to the Consignee
- Sales Returns by Consignment Debtors to the Consignor
- Invoice Pricing or Loading of Goods Consigned and Stock on Consignment