Consignment Accounting Chapter in Single Video | Financial Accounting | Chandan Poddar

Описание: In this Video We Will Discuss Consignment Accounting all Concepts, Examples and Problems for CA Foundation, CPT, CA Inter, CS Foundation, CS Executive, CMA Foundation, CMA Inter, B.com 1 Year, B.com 2 Year, BBA, UGC NET, PGT Commerce, SSC CGL, JKSSB, JAIIB, AFB Exam, RRB LDC, Consignment Booking Assistant and Other Commerce Course

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Topics Covered in this Video:-
00:00 Introduction
00:17 What is a consignment
06:40 Books of the consigner
26:11 Example of consignment
30:15 Valuation of closing stock
48:58 Valuation of abnormal loss
01:12:38 Questions of consignment
01:29:10 Normal loss
01:50:39 Types of commission

Topic Covered:
Introduction to Consignment
Valuation of closing stock
Valuation of abnormal loss
Question of Consignment Account
Treatment of normal loss
Types of commission
Goods sent on invoice price loading
questions based on Consignment concept
Illustration of ICAI

Meaning and Features of Consignment
Consignment is a process under which the owner consigns/handovers his materials to his agent/salesman for the purpose of shipping, transfer, sale etc.

Following are the points that throw more light on the nature and scope of a consignment −

1. Here, ultimate ownership of the goods remains with the manufacturer or whole seller who handovers goods to his agent for sale on a commission basis. Consignment is merely a transfer of possession of goods, not ownership.
Since the ownership of goods remains with the manufacturer (consignor), the consignee (agent) is not responsible for any loss or destruction of goods.
2. The goods are sold on the owner’s risk and hence, profit/loss goes to the owner.
3. Consignee only gets reimbursement of expenses incurred by him and commission on sale made by him, because sale that proceeds, belongs to the owner (consignor).

Following are the reasons that explain why consignment is not a sale −

1. Ownership − Ownership of goods need to be transferred from seller to buyer in case of a sale, but ownership of goods remains with the consignor, till the goods are sold by the consignee.
2. Risk − In case of a consignment, normally, the risk remains with the consignor in the event of goods being lost or destroyed.
3. Relationship − The relation between a seller and a buyer will be of debtor and creditor in the case where goods are sold on credit basis. On the other hand, the relationship between a consignor and a consignee is that of principal and agent.
4. Goods Return − Usually, the sold goods cannot be returned back; however, if there is any manufacturing defect or any other technical fault, the seller is obliged to take them back. On the other hand, the consignee may return the unsold stock of goods to consignor anytime.


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