Consignment Accounting Problem Solving: Solving a Case Study with Versus Deviant and Harry

The video tutorial covers consignment accounting, focusing on transactions between a consignor and consignee. It explains the invoicing process, calculation of sales, and various commissions. The tutorial also details the preparation of consignment accounts, including the valuation of closing stock and reversing loading charges. Key concepts include understanding invoice pricing, handling consignee expenses, and calculating commissions on sales.

What is the cost price per bag for the consignment sent to Harry?

How much did the company pay for insurance, carriage, and miscellaneous expenses?

What is the total amount of cash sales reported by Harry?

What entries are made for the expenses paid by Harry?

What percentage of commission is given on cash sales?

What is the total commission amount calculated for the consignment?

How many bags were sold in total from the consignment?

What is the value of the closing stock of unsold bags?

What is the effect of reversing the loading on the closing stock?

What is the final settlement amount remitted by Harry?