3
Question
Consignee account is of the nature of ____________.
Consignee account is of the nature of ____________.
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Solution
The correct option is C Nominal account
It is nominal account in nature. The rule for nominal account – debit all expenses and losses and credit all incomes and gains are applicable here.Excess of credit over the debit side total will result in profit and such profit is transferred to Profit and Loss account of the consignor.
It is nominal account in nature. The rule for nominal account – debit all expenses and losses and credit all incomes and gains are applicable here.
Excess of credit over the debit side total will result in profit and such profit is transferred to Profit and Loss account of the consignor.
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