Accounting

Consignment account is a combination of— The value of abnormal loss is calculated like
and profit and loss account.
loss is not recoverable from insurance company.
Goods dispatched by a manufacturer or whole seller to an agent for the purpose of sale
Delcredre commission is normally calculated on
Consignee account is of the nature of a
Consignor account is of the nature of a
sales.
account.
account.
Consignment account is of the nature of a account.
Goods sent on consignment account is a — account.
The consignee — be treated as consignor's debtor for the goods rec
consignment.
Stock on consignment appears in the balance sheet of ,
account will be debited in oaccount will be c
The bill which is drawn by consignee is known as bill.
For goods sent on consignment to consignee
hook.
For goods sent on consignment to consignee consignor's book.
For expenses paid by consignor —
account will be debited and
account will credited in consignor's book.
account will be ci
On payment of advance by consignee to consignor
—: account will be debited in consignee's book.
account will be c
On receiving advance from consignee by consignor
account will be credited in consignor's book.
On the acceptance of bill of exchange in favour of consignor by consignee, consignor abe and bill payable account will be in consignee's book.
accc
On receiving the bill of exchange by consignor from consignee
debited and account will be credited in consignor's book.
account will be de
On payment of expenses by consignee for consignor
account will be in consignee's book.
On payment of expenses by consignee for consignor
account will be
account will be credited in consignor's book.
acc<
account will be
When goods are sold by consignee for cash
account will be credited in consignee's book. •
When goods are sold for cash by consignee account will be
account will be credited in consignor's book.