Consignment

The entry for B/R accepted by consignee drawn by consignor Is B/R a/c ....Dr To consignee a/c (Being B/R received from consignee) Later this advance will be adjusted from the amount receivable from consignee. If bill is dishonoured, the entry will be reversed Consignee a/c ... Dr To B/R a/c (Being bills receivable dishonoured) There will be no amount remaining to be adjusted from amount receivable from consignee. Consignee will no more be as a creditor in the books B/R will be ceased to exist hence it's account will not appear in the books. Hope it helps!!!

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

25-Aug-20 14:36

If any noting charges are incurred for bills receivable To the amount of noting charges consignee will be debited Consignee a/c.... Dr To cash/Bank a/c (Being noting charges incurred due to consignee's dishonour of bill).

VIJAYA SARADHI MAGANTI

CA Inter

★ 850

25-Aug-20 14:43

OK. Thank you

Thread Starter

lohita Prava

CA Foundation

★ 35

25-Aug-20 16:04