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Q. What do you mean by consigned goods?
FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accusation from amount owed to seller. The buyer debits Accounts Payable in addition to credits Cash when paying the freight. The seller debits Delivery Expense as well as credits Accounts Receivable when informed of the freight charges. Therefore companies should include goods shipped to potential customers on approval in their inventories. Likewise companies shouldn't record consigned goods (goods delivered to another party who attempts to sell them for a commission) as sold goods. These goods remain the property of the owner (consignor) until sell by the consignee and should be included in the owner's inventory.
Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w
What is journal entry for Input CST which are paid at the time of purchases of goods from other state.
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does immaterial items have to be recorded
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Q. Explain about Purchase discounts? Purchase discounts frequently companies purchase merchandise under credit terms that permit them to deduct a stated cash discount if they p
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