CONSIGNMENT ACCOUNT
Consignment Sale:
Where one person in firm sends goods to another person or firm on the
basis that the goods will be sold on and at the risk of the former, it is
called consignment sale.
The party who sends the
goods is called consignor and the party to whom goods are sent is called
consignee or agent.
The consignee does not buy
these goods but merely undertake to sell them on behalf of the consignor.
The sale proceeds belong to
the consignor and the consignee merely gets the agreed commission for his
service in addition to any expenses he might have incurred.
The relationship between
the consignor and the consignee is that of principal and agent.
Account Sales:
After sale of goods, consignee sends a statement to consignor. This statement is called account sales. In this statement gross value, expenses and commission of consignee, advance paid by consignee and net amount due by consignee are shown.
Demo Classes of Accounts (CA/CMA/CS/B.Com/11-12th) by CA/CMA Santosh Kumar Sir
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