CA CPT Exam > CA CPT Videos > Consignment Account
Consignment Account Video Lecture - CA CPT
FAQs on Consignment Account Video Lecture - CA CPT
| 1. What is a consignment account in CA CPT? |  |
Ans. A consignment account in CA CPT refers to a type of account used in the field of accounting to record transactions related to consignment sales. In consignment sales, goods are sent by the owner (consignor) to another person (consignee) for the purpose of sale. The consignment account helps in tracking the inventory sent on consignment, sales made by the consignee, and any expenses or commissions incurred.
| 2. How are consignment sales recorded in a consignment account? | |
Ans. Consignment sales are recorded in a consignment account by debiting the consignment account with the cost price of the goods sent on consignment and crediting the consignee's account with the selling price of the goods. This ensures that the consignment account reflects the cost of goods sent on consignment and the consignee's account reflects the sales made.
| 3. What are the types of transactions recorded in a consignment account? | |
Ans. The types of transactions recorded in a consignment account include the following:
1. Goods sent on consignment by the consignor.
2. Sales made by the consignee.
3. Expenses incurred by the consignee, such as transportation costs or advertising expenses.
4. Commission payable to the consignee for selling the goods.
These transactions help in determining the profitability of the consignment sales and the amount payable to the consignee.
| 4. How is the consignor's share of profit calculated in a consignment account? | |
Ans. The consignor's share of profit in a consignment account is calculated by deducting the consignee's commission and any other expenses incurred by the consignee from the total sales made. The remaining amount is the consignor's share of profit. This calculation helps in determining the earnings of the consignor from the consignment sales.
| 5. What is the purpose of maintaining a consignment account in CA CPT? | |
Ans. The purpose of maintaining a consignment account in CA CPT is to accurately record and track the transactions related to consignment sales. It helps in determining the cost of goods sent on consignment, the sales made by the consignee, and the expenses incurred. By maintaining a consignment account, the consignor can assess the profitability of the consignment sales and calculate the amount payable to the consignee. Additionally, it helps in providing a clear picture of the financial position of the consignment business.
Related Exams
About this Video
|
4.86/5 Rating |
|
Nov 13, 2024 Last updated |
Consignment Account for CA CPT2024 is part of CA CPT preparation. The notes and questions for Consignment Account
have been prepared according to the CA CPT exam syllabus. Information about Consignment Account covers all important topics
for CA CPT2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises
and tests below for Consignment Account.
Description
Video Lecture & Questions for Consignment Account Video Lecture - CA CPT - CA CPT full syllabus preparation | Free video for CA CPT exam.
Information about Consignment Account
Here you can find the Consignment Account defined & explained in the simplest way possible. Besides explaining types of Consignment Account
theory, EduRev gives you an ample number of questions to practice Consignment Account tests, examples and also practice CA CPT tests.
|
Explore Courses for CA CPT exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Extra Questions
,Previous Year Questions with Solutions
,Consignment Account Video Lecture - CA CPT
,study material
,Important questions
,Objective type Questions
,Semester Notes
,ppt
,Free
,Consignment Account Video Lecture - CA CPT
,past year papers
,Sample Paper
,Summary
,shortcuts and tricks
,MCQs
,mock tests for examination
,Consignment Account Video Lecture - CA CPT
,practice quizzes
,Exam
,video lectures
,Viva Questions
;
Study Consignment Account on the App
Students of CA CPT can study Consignment Account alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Consignment Account,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Consignment Account is prepared as per the latest CA CPT syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup