Consignment Account - Entries In The Books of Consignor (Preparation) - SS3 Accounting Past Questions and Answers - page 1
Question:
The following transactions were derived from the books of FUMI CO. for the month of August 2022. You are required to prepare entries into the books of the consignor in tabular form.
Transactions for May 2022
|
Date |
Transaction |
Amount (₦) |
|
05/01/2022 |
Sent consignment to Consignee |
200,000 |
|
05/05/2022 |
Received notification of sale from Consignee |
120,000 |
|
05/08/2022 |
Sent additional consignment to Consignee |
150,000 |
|
05/12/2022 |
Received payment from Consignee for first consignment |
90,000 |
|
05/15/2022 |
Consignee returned unsold items from first consignment |
-30,000 |
|
05/18/2022 |
Received payment from Consignee for second consignment |
75,000 |
|
05/20/2022 |
Sent replacement consignment to Consignee for returned items |
30,000 |
|
05/24/2022 |
Consignee sold replacement consignment |
20,000 |
|
05/27/2022 |
Consignee returned unsold replacement consignment |
-10,000 |
|
05/29/2022 |
Received payment from Consignee for returned items |
20,000 |
|
05/31/2022 |
Received payment from Consignee for final sale |
5,000 |
Answer:
ABC TECH Consignment Account
Entries in the Books of Consignor
|
Date |
Transaction |
Debit (₦) |
Credit (₦) |
Balance (₦) |
|
05/01/2022 05/08/2022 05/15/2022 05/20/2022 05/27/2022 05/31/2022 Total |
To Consignment sent to Consignee To Additional consignment sent to Consignee By Consignment returned by Consignee To Replacement consignment sent to Consignee By Consignment returned by Consignee By Final payment received from Consignee |
200,000 150,000 0 30,000 0 0 380,000 |
0 0 30,000 0 10,000 5,000 45,000 |
200,000 350,000 320,000 350,000 340,000 345,000 345,000 |