Consignment Acounting

Rajesh (Service ) (7576 Points)

16 June 2009

How to make entries in the books of consignee

Plz help its urgent

Thanks

Reply
Follow
Share

1 Replies

CA Madhumita Binani (Executive Accounts (SERVICE)) (389 Points)
Replied 17 June 2009

In consignee's books, all the entries are routed through consignor A/c...

1. For Goods Recd from consignor, no entry....

2. On expenses incurred,

Consignor A/c...........Dr

To Cash A/c

3. On Sales (Cash/Credit),

Bank / Drs A/c...............................Dr.

To Consignor A/c.

4. On Commission Received,

Consignor A/c................................Dr.

To Commission Recd.

5. On Remmitance to consignor,

Bank A/c...................................Dr.

To Consignor A/c

6. In case the consignee is bearing Bad Debt,

Bad Debts A/c..........................Dr.

To Drs A/c

Thats all i suppose..............!!!

Best Regards

Madhumita

Start a New Discussion