CONSIGNMENT ACCOUNTS |
Del credere commission
Goods-in-transit :
Returns from consignee:
Goods invoiced at higher prices than cost accounted by:
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CONTAINERS ACCOUNTS |
Returnable containers:
Two (2) situations:
(a) Not charged to customers:
(b) Charge to Customer and making an allowance on their returns
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ROYALTY ACCOUNTS |
Actual royalty payable is either based on
(1) production or
(2) sale
When it is payable on production, the royalty is to be regarded as cost of production and should be debited to Production Account.
When it is based on sales, it should be regarded as a selling expense and debited to the Profit & loss account. |
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