Accounting

Liquidator’s statement of account of the winding-up is prepared for the period starting from the commencement of winding up to the close of winding up.…

Concept of Liquidator’s Final Statement The liquidator is required to prepare an account of winding up known as Liquidator’sFinal Statement of Account after the affairs…

Calculation of Liquidator’s Remuneration Usually, the remuneration consists of a commission on assets realized plus a commission on the amount paid to unsecured creditors. When…

Concept of Consignment of Goods Consigned goods are products not owned by the party in physical possession of them. Maximization of profit is the main…

Difference between Consignment and Sales Consignment can not be treated as sales of goods. When the goods are delivered to the agent by the owner…

The consignor records this prearranged amount with a debit to cash and a credit to sales. Merchandise that is not owned by the party in…

Types of Consignment Expenses The various expenses are required for goods sent by the consignor to the consignee. Consignment is an arrangement made between two…

Concept of Commission in Consignment The commission of the consignee is calculated on gross sales made by the consignee. It is the percentage of a…

Inflation accounting comprises a range of accounting models designed to correct problems arising from historical cost accounting in the presence of high inflation and hyperinflation.…

Accounting Treatment of Consignment A consignment is a special agreement for the sale of goods from the consignor to the consignee. Consignment occurs when goods are…

Journal Entries in the Books of Consignee Consignment is not a sale. Goods on consignment are sent by the consignor or the principle to the…

Accounting reform is an expansion of accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies. It…