CONSIGNMENT ACCOUNT : LSUS
Financial Accounting SSS2 Third Term
WEEK – TEN
TOPIC: CONSIGNMENT ACCOUNT
- Accounting Entries
- Practical illustration
Consignment of good means the sending of goods by a supplier to his agent to receive, store and sell them on behalf of the supplier after which the proceeds, having deducted all expenses incurred, will be remitted to supplier. The sender of the goods is called consignor while the agent to whom the goods are sent is called consignee.
In the Books of the consignor, you will open
(a) Consignment account
i. Debits all expenses relating to goods consigned
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