INTERVIEW QUESTIONS FINANCIAL ACCOUNT CONSIGNMENT ACCOUNT DETAILS

Question: When is Stock Consignment Account opened?

Answer: Some concerns prefer not to mix cost of goods sent on consignment, sales and expenses in the same account. In such a case, an account, called Consignment Stock Account is opened and debited by the cost of opening stock in the hands of the consignee and the cost of goods sent.

Some concerns prefer not to mix cost of goods sent on consignment, sales and expenses in the same account. In such a case, an account, called Consignment Stock Account is opened and debited by the cost of opening stock in the hands of the consignee and the cost of goods sent.
Source: CoolInterview.com

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