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If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c
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If consignor draws a bill on consignee and discounted it with the bank...
Explanation:
Consignment Account:
When a consignor draws a bill on the consignee and discounts it with a banker, the discounting charges will be debited in the books of accounts. Let's understand where the discounting charges will be debited:
General P/L A/c:
If the discounting charges are related to the general expenses of the business and not directly related to the consignment transaction, then the charges will be debited to the General Profit/Loss Account.
Consignment A/c:
If the discounting charges are directly related to the consignment transaction, then they will be debited to the Consignment Account. This account records all the transactions related to the consignment business, including expenses incurred during the consignment process.
Consignee A/c:
The Consignee Account is maintained to track all the transactions with the consignee. If the discounting charges are specific to the consignee transaction, they can be debited to the Consignee Account.
Trade Receivables A/c:
Alternatively, if the discounting charges are related to the trade receivables of the consignee, they can be debited to the Trade Receivables Account. This account tracks the amount due from customers or consignees.
In conclusion, the discounting charges will be debited to either the General P/L A/c, Consignment A/c, Consignee A/c, or Trade Receivables A/c, depending on the nature of the charges and the specific transaction they are associated with.
Consignment Account:
When a consignor draws a bill on the consignee and discounts it with a banker, the discounting charges will be debited in the books of accounts. Let's understand where the discounting charges will be debited:
General P/L A/c:
If the discounting charges are related to the general expenses of the business and not directly related to the consignment transaction, then the charges will be debited to the General Profit/Loss Account.
Consignment A/c:
If the discounting charges are directly related to the consignment transaction, then they will be debited to the Consignment Account. This account records all the transactions related to the consignment business, including expenses incurred during the consignment process.
Consignee A/c:
The Consignee Account is maintained to track all the transactions with the consignee. If the discounting charges are specific to the consignee transaction, they can be debited to the Consignee Account.
Trade Receivables A/c:
Alternatively, if the discounting charges are related to the trade receivables of the consignee, they can be debited to the Trade Receivables Account. This account tracks the amount due from customers or consignees.
In conclusion, the discounting charges will be debited to either the General P/L A/c, Consignment A/c, Consignee A/c, or Trade Receivables A/c, depending on the nature of the charges and the specific transaction they are associated with.
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If consignor draws a bill on consignee and discounted it with the bank...
Consignment account
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If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy?
Question Description
If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy?.
If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for If consignor draws a bill on consignee and discounted it with the banker, the discounting charges will be debited in: (a) General P/L A/c (b) Consignment A/c (c) Consignee A/c (d) Trade Receivables A/c Related: Consignment Account Introduction - Financial Accounting - B.COM/BBA/IPCC -By Saheb Academy?.
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