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Tags: consignment accounting problems and solutionsgrooming education academyconsignment bbaconsignment accounting inter second yearconsignment cs foundationconsignment bcomconsignment accounting in hindiconsignment accounting cma interconsignment ugc netconsignment accounting journal entrieschandan poddarconsignment cma foundationfinancial accountingconsignment ca foundationconsignment accountsconsignment accounting

Description: 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 𝐂𝐀 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐂𝐨𝐮𝐫𝐬𝐞: escholars.in/s/store/courses/description/Accounts--CA-Foundation-Copy 𝐂𝐌𝐀 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐅𝐮𝐧𝐝𝐚𝐦𝐞𝐧𝐭𝐚𝐥 𝐨𝐟 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 𝐂𝐨𝐮𝐫𝐬𝐞: escholars.in/s/store/courses/description/Fundamentals-of-Accounting 𝐂𝐒 𝐅𝐨𝐮𝐧𝐝𝐚𝐭𝐢𝐨𝐧 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐚𝐧𝐝 𝐀𝐮𝐝𝐢𝐭𝐢𝐧𝐠 escholars.in/s/store/courses/description/CS-foundation-Accounts-and-Auditing 𝐁.𝐜𝐨𝐦/𝐁.𝐜𝐨𝐦(𝐇𝐨𝐧𝐬.)/𝐁𝐁𝐀 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐢𝐧𝐠 escholars.in/s/store/courses/description/Financial-Management--Economics-for-Finance-Copy Other Courses Visit: escholars.in or call us at 888 888 0402 Watch Next: ◍ Issue of Share Complete Chapter in Single Video youtu.be/06PfhfPWBDk ◍ Rectification of Errors Complete Chapter in Single Video youtu.be/l247jJ4Mzuc ◍ Fundamental of Partnership Complete Chapter in Single Video youtu.be/mSoSB82zs34 ◍ Overhead Costing Complete Chapter in Single Video youtu.be/oaXYMEQHFBU 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. Grooming education academy is engaged in providing qualitative commerce education to society at concessional prices. We believe in Research, reasoning and result and thus our learners admit our USP of: "Pioneer in developing concepts". We provide the complete tutorials for all commerce courses including CA, CS, CMA, BCom, BBA, Mcom, MBA, M.com, Class 12, Class 11 and other commerce courses. To know about the courses and books that best suits your requirement call at our helpline number: 𝟖𝟖𝟖 𝟖𝟖𝟖 𝟎𝟒𝟎𝟐 𝐕𝐢𝐬𝐢𝐭 𝐎𝐮𝐫 𝐖𝐞𝐛𝐬𝐢𝐭𝐞 to know more about the courses available: escholars.in 𝐉𝐨𝐢𝐧 𝐨𝐮𝐫 𝐭𝐞𝐥𝐞𝐠𝐫𝐚𝐦 𝐜𝐡𝐚𝐧𝐧𝐞𝐥 𝐟𝐨𝐫 𝐝𝐚𝐢𝐥𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐬:::: t.me/geacp 𝐅𝐚𝐜𝐞𝐛𝐨𝐨𝐤 𝐏𝐚𝐠𝐞: facebook.com/GroomingEducationAcademy 𝐈𝐧𝐬𝐭𝐚𝐠𝐫𝐚𝐦 𝐏𝐚𝐠𝐞: instagram.com/groomingeducationacademy 𝐓𝐰𝐢𝐭𝐭𝐞𝐫 𝐏𝐚𝐠𝐞: twitter.com/AcademyGrooming 𝐋𝐢𝐧𝐤𝐞𝐝𝐈𝐧 𝐏𝐚𝐠𝐞: linkedin.com/company/grooming-education-academy 𝐏𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐏𝐚𝐠𝐞: in.pinterest.com/groomingeducation #Consignment #Consignee #Consignor #Chandanpoddar