Consignment Accounts

In consignment, sender of goods is called _________________.

• Consignee

• Consignor

• Debtor

• Creditor

For expenses incurred by consignor, this account is debited.

• Consignor

• Consignment

• Consignee

• Bank

Commission on consignment is _________ to consignee.

• Expense

• Loss

• Income

• Asset

Select two or more correct options:

Goods are sent on consignment at

• Cost

• Invoice

• Loss

• Foreign value

Select two or more correct options:

Consignment expenses are incurred by

• Consignee

• Consignor

• Debtor

• Creditor

Select two or more correct options:

These are the technical terms of consignment.

• Accounts Sales

• Del-credere commission

• Commission on Consignment Sales

• Goods sent on consignment

Select two or more correct options:

These are the important ledger accounts in the books of Consignor.

• Consignment Account

• Consignee Account

• Bills Receivable Account

• Bad Debts Account

Consignee has to prepare a statement to consignor which shows affairs relating to the consignment.

• Invoice

• Sight Draft

• Account Sales

• Cheque

When goods are sold by consignee. The entries of consignee's books should be:

• Dr Consignee

  Cr Consignment

• Dr Bank

  Cr Consignment

• Dr Consignor

  Cr Consignment Accounts Receivable

• Dr Bank

  Cr Consignor

EM Company sent 50 boxes of goods at a cost of RM200 to their agent WM Company and paid freight and insurance amounting to RM1,200. WM Company received the goods consigned, and paid storage and packing expenses at a total of RM800. WM Company sold 40 boxes on credit at RM250 per box. However, 5 boxes of goods consigned were damaged after received by WM Company. Please calculate the unsold inventory.

• RM800

• RM1,200

• RM2,400

• RM1,500