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WEEK NINE (9):
TOPIC: CONSIGNMENT ACCOUNT
CONTENTS: Preparation of Consignment accounts
Entries in the Consignor’s Book
- On dispatch of goods
- Consignment account
- Goods on consignment account
(with the cost of goods)
- Expenses paid by Consignor
- Consignment account
- Cash/Bank
(with the amount paid)
c.Upon drawing bill on consignee
- Bills receivable account
- Consignee’s personal account
- Bills receivable honoured by the consignee
- Bank account
- Bills receivable account
- Advance by consignee
- Bank account
- Consignee account
- Expenses incurred by the consignee
- Consignment account
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