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  • Jurnal Laba Dipisah

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    Cindy Sambera
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    This document outlines the accounting entries for tracking consignment sales under both a physical inventory and perpetual inventory system. It details the accounts that would be debited and credited for transactions such as transferring goods to a consignee, expenses related to the consignment, sales of the consigned goods, and the eventual settlement of proceeds between the consignor and consignee. The goal is to separately track the financial results of the consignment arrangement for both parties.

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    Advance accounting

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    This document outlines the accounting entries for tracking consignment sales under both a physical inventory and perpetual inventory system. It details the accounts that would be debited and credited for transactions such as transferring goods to a consignee, expenses related to the consignment, sales of the consigned goods, and the eventual settlement of proceeds between the consignor and consignee. The goal is to separately track the financial results of the consignment arrangement for both parties.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    22 views2 pages

    Jurnal Laba Dipisah

    Uploaded by

    Cindy Sambera
    This document outlines the accounting entries for tracking consignment sales under both a physical inventory and perpetual inventory system. It details the accounts that would be debited and credited for transactions such as transferring goods to a consignee, expenses related to the consignment, sales of the consigned goods, and the eventual settlement of proceeds between the consignor and consignee. The goal is to separately track the financial results of the consignment arrangement for both parties.

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    © All Rights Reserved
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    of 2

    CONSIGNMENT PROFITS ARE SEPARATELY DETERMINED

    PHYSICAL SYSTEM PERPETUAL SYSTEM


    DESCTIPTION
    CONSIGNOR CONSIGNEE CONSIGNOR CONSIGNEE
    Transfer of goods to the Consignment Out xxx No-entry Consignment Out xxx No-entry
    consignee Merchandise Shipment Memorandum Merchandise Inventories xxx Memorandum
    on Consignment xxx

    Expenses of the consignor Consignment Out xxx No-entry Consignment Out xxx No-entry
    identified with the Cash/Freight Out xxx Cash/Freight Out xxx
    consignment

    Advance cash to the Cash xxx Advances to Consignor xxx Cash xxx Advances to Consignor xxx
    consignor Advances from Consignee xxx Cash xxx Advances from Consignee xxx Cash xxx

    Expenses of the consignee No-entry Consignment In xxx No-entry Consignment In xxx


    identified with the Cash xxx Cash xxx
    consignment

    Merchandise returned Merchandise Shipment on No-entry Merchandise Inventories xxx No-entry


    to the consignor Consignment xxx Memorandum Consignment Out xxx Memorandum
    Consignment Out xxx

    Advances returned Advances from Consignee xxx Cash xxx Advances from Consignee xxx Cash xxx
    identified to merchandise Cash xxx Advances to Consignor xxx Cash xxx Advances to Consignor xxx
    returned
    CONSIGNMENT PROFITS ARE SEPARATELY DETERMINED
    PHYSICAL SYSTEM PERPETUAL SYSTEM
    DESCTIPTION
    CONSIGNOR CONSIGNEE CONSIGNOR CONSIGNEE
    Sales by the consignee No-entry Cash / A/R xxx No-entry Cash / A/R xxx
    Consignment In xxx Consignment In xxx

    Commission or profit No-entry Consignment In xxx No-entry Consignment In xxx


    accruing to the consignee Commission on Commission on
    Consignment Sales xxx Consignment Sales xxx

    Purchased of consigned No-entry Purchases xxx No-entry Merchandise Inventories xxx


    goods by the consignee Consignment In xxx Consignment In xxx

    Remittance and account Cash xxx Consignment In xxx Cash xxx Consignment In xxx
    sales rendered by the Receivable-Consignee xxx Advances to Consignor xxx Receivable-Consignee xxx Advances to Consignor xxx
    consignee Advances from Consignee xxx Payable-Consignor xxx Advances from Consignee xxx Payable-Consignor xxx
    Consignment Out xxx Cash xxx Consignment Out xxx Cash xxx
    Consignment Out xxx Consignment Out xxx

    Consignment income Consignment Out xxx No-entry Consignment Out xxx No-entry
    Consignment Income xxx Consignment Income xxx

    Closing entries Consignment Income xxx Commission on Consignment Income xxx Commission on
    Income Summary xxx Consignment Sales xxx Income Summary xxx Consignment Sales xxx
    Income Summary xxx Income Summary xxx

    Merchandise Shipment on No-entry


    Consignment xxx
    Income Summary xxx

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