SS2 Third Term Financial Accounting Lesson Note – Consignment Account II

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WEEK NINE (9):

TOPIC: CONSIGNMENT ACCOUNT

CONTENTS:   Preparation of Consignment accounts

Entries in the Consignor’s Book

1. On dispatch of goods
2. Consignment account
3. Goods on consignment account

(with the cost of goods)

1. Expenses paid by Consignor
2. Consignment account
3. Cash/Bank

(with the amount paid)

c.Upon drawing bill on consignee

1. Bills receivable account
2. Consignee’s personal account
3. Bills receivable honoured by the consignee
4. Bank account
5. Bills receivable account
6. Advance by consignee
7. Bank account
8. Consignee account
9. Expenses incurred by the consignee
10. Consignment account

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