Archive about 'Consignment Accounts'
Tweet Below is a snapshot of accounting entries for consignment accounts in the form of journal entries format: ACCOUNTING ENTRIES FOR CONSIGNMENT ACCOUNTING Debit($) Credit($) Consignment Account XX Goods sent on Consignment Account XX Relate to COST of goods sent on consignment. If goods are invoiced to the consignee at selling price, only the cost […]
Tweet Sometimes, part of goods being consigned may be lost/destroyed or damaged either in transit or in the consignee’s warehouse. Such loss can be either normal loss or abnormal loss. This article discuss what are these losses and their respective accounting treatment in Consignment Accounting Normal Loss In Consignment What is Normal Loss? […]
Tweet This article looks at the type of additional commission given by consignor to consignee and the purpose(s) of giving such incentives/commissions. Overriding Commission Commission given to the consignee in addition to the normal commission Purpose of such incentive is to motivate the consignee to create market for new products. · Sometimes, this additional commission […]
Tweet This article tabulated below the major difference between Consignment and Joint Venture: Major Differences Between A Joint Venture and Consignment Arrangement Parties: · In consignment, the parties are the consignor and consignee whilst in a joint venture the parties are called co-ventures Relationship: · In consignment, it is principal and agent relationship […]