Consignment
Consignment Sale
Ø 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.
Ø The party
who sends the goods is called consignor and the party to whom goods are sent is
called consignee or agent.
Ø The
consignee does not buy these goods but merely undertake to sell them on behalf
of the consignor.
Ø 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.
Ø The
relationship between the consignor and the consignee is that of principal and
agent.
Account Sales
Ø After
sale of goods, consignee sends a statement to consignor. This statement is
called account sales.
Ø In this
statement gross value, expenses and commission of consignee, advance paid by
consignee and net amount due by consignee are shown.
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