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Business Studies

Financing Decision

Account Sales...

Question

Account Sales is the statement sent by the consignor to the consignee.

A

True

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B

False

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Solution

The correct option is B False
It is the statement sent by consignee to consignor which includes sales made by the consignee, expenses incurred on behalf of consignor, commission earned by consignee, any advance payment to consignor and balance due to consignor.

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Q. The commission allowed by consignor to the consignee to bear the bad debts on account of credit sales is called _______________.

Q. When goods sent on consignment are sold by the consignee, the account to be debited is in the books of consignor.

Q. When the bill of exchange drawn by the Consignor is accepted by the Consignee which account will be credited in the books of the consignor?

Q. If Consignee sent advance to Consignor, then which of the following entry will be passed in the books of Consignee?

A. Consignor A/c To Cash & Bank A/c	Dr.
B. Cash & Bank A/c To Consignee A/c	Dr.
C. Cash & Bank A/c To Consignor A/c	Dr.
D. Consignment A/c To Cash & Bank A/c	Dr.

Q. Over-riding commission is a commission payable to consignee by consignor ______________.

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