Consignment Accounting | Basic Journal Entries | Part-6 | Letstute Accountancy

[@Letstuteaccountancy]

Hey Friends, Check our courses on Consignment on our website: www.letstute.com/category/course-details/64x234

[@keshavsathe6802]

Loved the concept of hand written explainations, very easy to understand

[@Letstuteaccountancy]

Thanks

[@nobinpradhan9235]

Absolutely right, Keshavji.

[@nobinpradhan9235]

Excellent presentation. The tutor first introduces all of us to the various accounts that will be opened in the books of both consignor and consignee. Then she shows that circular diagram showing steps. I have been watching overseas tutors' video clippings too. But this one stands out for sheer simplicity and easy understanding. GOOD JOB!!

[@Letstuteaccountancy]

Thank you so much...this appreciation means a lot😊😊

[@krishnarathi7612]

Mam ur teaching skills are best.Your handwriting, beautiful presentation and notes ,Easy explanation makes the video valuable for a true learner.Thnx mam.

[@Letstuteaccountancy]

Thank you so much for the appreciation. It means a lot to us. You can even get complete accountancy courses at very minimum price on our website www.letstute.com do check that out.

[@Letstuteaccountancy]

Get Book-Keeping & Accountancy Courses / Pendrive For Class 11th to 12th @ affordable price Use Coupon Code For Flat 20% Discount - STUDY20 Grab the offer before it ends - www.letstute.com

[@rutujalondhe3375]

Ma'am , your voice is too much sweet .and explanation was also the best ♥️ i think ,no need to take private tution because of watching your video 🥰

[@sravankshatriya7952]

Thank you mam ... today I have exam I'm here now watching your video it's really good mam very easy to understand .... you are really a lot better then my sir .... thank you mam.... we will support you make more videos mam..

[@Letstuteaccountancy]

Glad to hear that

[@lakshmimohan2978]

Good, very good explanation, thank you

[@reena.kapilyadav8355]

You teach much better than my class teacher 🙂🙂

[@Letstuteaccountancy]

Thank you for valuable comment Happy to know it helped you

[@dhyanpatel3833]

Best explanation ever mam.. Please dont stop making videos..

[@Letstuteaccountancy]

Thank you so much Dhyan for the appreciaiton and we are continuously coming up with new new chapters. Subscribe to channel and hit bell icon so you will receive the updates of new videos.

[@VivekChauhan-rw2kr]

Very helpful for me mam.. ❣️❣️ thnakyou for helping me out.

[@brundavanamharshini5210]

Thank you for the vedio...with nice explanation

[@vishalsanikop4938]

Thank u for making the concept so easy ma'am

[@Letstuteaccountancy]

Thanks for liking. You can get access to all sessions on this chapter including problem solving at very minimum price from our website www.letstute.com - do check that out.

[@accountancyclass51]

The vedio helped my study a lot

[@Letstuteaccountancy]

Thank you so much for appreciating comment....for all sessions of this chapter including extensive problem solving sessions... Do check our Consignment A/c course on our website www.letstute.com and there are many other courses available at very minimum prices.

[@HappyTimes_00]

Best explanation.

[@Letstuteaccountancy]

Thank you, Pinky, for watching our video, and keep supporting us.

[@priyaawasthi6279]

Really I loved your every video very muchh😍 your teaching style is soo goods😘 thank you for all videos on consignment😍

[@Letstuteaccountancy]

Thank you for your appreciating comment. Keep watching, Keep learning!

[@vineettiwari1264]

I solve the my problem by your help very very thank you

[@Letstuteaccountancy]

Glad that it helped you! Keep watching keep learning.

[@riyagupta6496]

Presentation is adorable ❤️

[@Letstuteaccountancy]

Thank you!!

[@abhishekkhichi8014]

the best explanation i have ever seen... thanks a lot mam

[@Letstuteaccountancy]

Thanks for liking. For all the videos on this topic including problem solving sessions and MCQ - do check out this course on Consignment Accounting - www.letstute.com/s/store/courses/description/consignment-accounting-online-course

[@rathameena8638]

Thank u very much you make it very clear

[@Letstuteaccountancy]

Thank you for your reply. Please do share with your friends and family

[@PareshWaje]

you have a great series of videos helped me alpt

[@Letstuteaccountancy]

Thanks

[@amiths5935]

Awesome mam you explain like mind blowing 🔥

[@sudeshnawawhal459]

Eagerly waiting for next video😊👍

[@Letstuteaccountancy]

Thanks

[@samudralavagdevi3002]

Best..one...🙏

[@Letstuteaccountancy]

Thank you so much. Also for access to all videos of this chapter with detailed explanation and problem solving- check this out: www.letstute.com/category/course-details/64x234

[@brsharma463]

When consigner transfer goods to consignee where after sales he pays the amount later or sales proceeds to the consignor payment for a goods after sales can it be called credit sales

[@Letstuteaccountancy]

No. It is not credit sales. Generally it is an understanding between consignor and consignee when the sale proceeds are to be remitted, whether immediately or at some time intervals like weekly or monthly.In case, if it is credit sales by consignee then the collection from debtors is to be done by consignor in absence of del credere commission kzbin.info/www/bejne/pIrbf4KnoNyMq5o

[@brsharma463]

@@Letstuteaccountancy tq

[@sribhawin952]

Thank you miss it helped me in CA FOUNTATION

[@Letstuteaccountancy]

Thank you so much for valuable comment Happy to know it helped you

[@suruthipriya_cma]

Amazing Mam!! Pakka Clear with Consignment :)

[@Letstuteaccountancy]

Thank you for watching. Do check out the course on our website - www.letstute.com/category/course-details/64x274 & www.letstute.com/category/course-details/64x244.

[@deepikakumari6985]

Amazing explation....

[@Letstuteaccountancy]

Thank you so much.

[@aliabdiaziz6039]

"Thank you a lot mom/sister for your helping and great concise,clear explanation. For me requesting to you mom Zoom the writing to see very well thank you."

[@Letstuteaccountancy]

Thank you so much for valuable comment we will surely try to do it

[@jolakhaakter4742]

Outstanding presentation

[@Letstuteaccountancy]

Thank you so much. !!

[@vijaybedare2521]

Mam, you have explained concept very nicely. Thank you so much mam.

[@Letstuteaccountancy]

Thank You, Your comment is valuable for us

[@divyalekshmi8410]

Well explained Thanku ❤️

[@Letstuteaccountancy]

You're welcome :D

[@DanielAhimbisibwe-z4q]

OH YES

[@daniphilip2183]

Nice video ... Understood everything

[@Letstuteaccountancy]

Thanks

[@vijaybedare2521]

If bills receivable has discounted with bank. The discount where would be debited? Consignment a/c or profit and loss a/c ?

[@Letstuteaccountancy]

The discounting charges will be debited to the Profit and Loss A/c.But alternatively it can be debited to Consignment A/c as from there net profit / loss is transferred to P&L A/c. Whatever treatment you do please write a note for that at the end of solution

[@vijaybedare2521]

But mam, all expenses relating to consignment business debited to consignment a/c. So why not discount would be debited?

[@thewhyeffect]

Thanks you sooo sooooo much mam

[@Letstuteaccountancy]

Most welcome 😊

[@pintupatra7826]

Thanks mam

[@Letstuteaccountancy]

Welcome

[@B_De_Trend_Setter]

Your teaching skills are super mam. Thanks for teaching this consignment topic mam. Your presentation also surer mam. By the way can u please explain inventories chapter mam please. MAM FIRST ENTRY NOT UNDERSTOOD.CAN U PLEASE TELL ME THAT MAM & I AM UNABLE TO UNDER STAND SOME POINTS TOO MAM.

[@Letstuteaccountancy]

Thank you so much for so much appreciation. We will soon try to come up with Inventories Chapter.. You can buy all videos on this chapters and other topics / subjects at very minimum price from our website www.letstute.com Do check this out.

[@Letstuteaccountancy]

1st entry - when consignor sends goods on consignment - the goods are going out of the business so credited and since it is like Purchase for Consignment - it debited in Consignment A/c.

[@B_De_Trend_Setter]

@@Letstuteaccountancy thanks for your reply mam

[@B_De_Trend_Setter]

@@Letstuteaccountancy sorry mam. I AM UNABLE TO BUY.I AM EFFORT LESS MAM SO SORRY MAM

[@Letstuteaccountancy]

No issues. Keep watching keep learning. We are regularly uploading videos on our channel which can help you in your studies.

[@mummidimanaswini9132]

nice explanation mam.......very easy to understand

[@Letstuteaccountancy]

Thank you so much. You can buy the entire course on this chapter from our website www.letstute.com at very minimum price to get access of all videos including problem solving on consignment and many other accounts courses.

[@vermahimanshu260]

Thnku

[@Letstuteaccountancy]

Thank you for liking. If you want to learn this entire chapter with various sums and tips video - check out our course on website: www.letstute.com/category/course-details/64x234

[@Aj_dance]

Very useful class thank you mam

[@Letstuteaccountancy]

Thank you so much for appreciation. To access all videos - please check out our course on this chapter on our website www.letstute.com Link: www.letstute.com/category/course-details/64x234

[@viralnature19]

Thank you teacher✍️

[@Letstuteaccountancy]

Thank you for your appreciation. If you want to access all videos of this chapter - check out our website www.letstute.com

[@vijaybedare2521]

Mam I have a doubt. If settlement has not given in the problem, In the books of consignor, can we make the journal entry as by balance c/d. Dr To consignee a/c

[@vijaybedare2521]

If they have given to write journal entries.

[@Letstuteaccountancy]

No. There is no entry for balance c/d as that is not the transaction. It is just a balancing figure which is carried forward.

[@vijaybedare2521]

Thank you mam.

[@pintupatra7826]

@@Letstuteaccountancy correct mam

[@irissvetlana2839]

Superb... keep going...

[@Letstuteaccountancy]

Thank you 🙂

[@ngaihsiamtonsing5573]

Why some parts of the video s are kept as Privately?

[@neenuroy1201]

More useful

[@Letstuteaccountancy]

Thank you for your valuable comment.

[@vasubansal24]

Please provide subtitles in old videos and in upcoming videos

[@Letstuteaccountancy]

Thank you for your suggestion.We will try our best

[@ananddandegaonkar5194]

Your teaching is awesome but plz remove few ads.. it's disturbing while studying

[@Letstuteaccountancy]

Thank you for appreciating. Sorry for the disturbance. The ads are not added by us but by KZbin.

[@hafizirfanraza2002]

Dear Miss, please confirm where is actual revenue is recorded and who’ll pay VAT or Tax on sale? Tax Invoice entry I mean who and how’ll record. Thank you

[@Letstuteaccountancy]

Hello For Tax or we can say GST - need to refer the GST rules related to Consignment Sale which will help you understand it better. Basically Consignor charges GST while supplying goods to consignee and consignee charge GST to customer - at the same time Consignee can avail input credit for GST paid by consignor. But please make sure to real details rules GST applicability for consignment sale.

[@Maya_CR-42]

Mam, sry to say...iam dull at studies...i didn't understood...journel entries😅🙄😭😭 plz help 🙏🙏dee ur efforts wil be appreciated

[@Letstuteaccountancy]

We have all the videos of this topic included in one course - you can check that out: www.letstute.com/category/course-details/64x234

[@abhishekkhichi8014]

mam, in 3rd entry why do we credit the consignee? I meant what rule is behind this?? plz explain to me.

[@Letstuteaccountancy]

When Consignor receives an advance from Consignee or Consignee accepts the bill drawn by Consignor; so Consignor either receives the bill or Cash/Bank - which is Debit (Debit what comes in) and Consignee is the giver - so credited (Credit the giver).

[@abhishekkhichi8014]

@@Letstuteaccountancy ok... tq mam

[@abuzaidmirza8103]

Superb mam!!!

[@Letstuteaccountancy]

Thank you so much for your valuable comment.

[@mummidimanaswini9132]

Mam....why some vedios are not opening...?... showing that a private vedio

[@Letstuteaccountancy]

Yes...all videos are not available To get access to all videos at just ₹99 click on this link of our website www.letstute.com/category/course-details/64x234

[@sanketbhojane3440]

Nice

[@Letstuteaccountancy]

Thanks

[@15Simrandhiman20]

Is this video for b. Com 1st year students?

[@Letstuteaccountancy]

yes

[@sireeshamakam2235]

Mam can u please explain CA foundation syllabus too mam It is help full to so many students mam

[@Letstuteaccountancy]

Thank you for the suggestion. We will surely try.

[@sireeshamakam2235]

@@Letstuteaccountancy mam what is the use for us .u are privated all the vedios na

[@Letstuteaccountancy]

No we have not made all videos private - for all videos, please check our website www.letstute.com where you can get access to entire course.

[@sireeshamakam2235]

Mam ur teaching is soo sweet 🥰🥰....... mam can u please explain 3rd ledger account in consignor books and 2nd and 3rd ledger accounts in consignee books These ledger accounts are not understood mam please I am unable to understand ☹️☹️ how to prepare these ledger accounts mam

[@Letstuteaccountancy]

Firstly thank you very much for liking the session. For ledgers- simply follow the journal entries and post them in ledger- that will help you to prepare ledger accounts. It would be even better to solve sums by which it will be easier to understand - so refer problem solving videos after this uploaded on channel.

[@Letstuteaccountancy]

You can even buy all the sessions of this chapter with complete problem solving and MCQs test from our website www.letstute.com If have any doubt - feel free to ask here.

[@sireeshamakam2235]

@@Letstuteaccountancy I mean I am 10th entries only mam(I understood why we are writing that entries mam.but I don't how to write them mam😭😭)

[@Letstuteaccountancy]

Simply follow the ledger posting rule.. In entry if the account is Debited - then post on debit side of its ledger account and same for credit.

[@Maya_CR-42]

Dee make a separate vedeio only on Journel Entries.... favour on ur student dee plz🙏🙏😭🙄

[@Letstuteaccountancy]

This is specific video of journal entries for consignment accounting, if you would like to learn the basics of accounting - do check out accountancy course on our website at very reasonable price - www.letstute.com

[@harshithharshith1640]

Plzz share tha link consignment all parts madem

[@Letstuteaccountancy]

Here is the link: www.letstute.com/category/course-details/64x234

[@bananaleaf8249]

Hi I have an doubt tat , y do v write as consignment , v can be writing it as consignor account right. In a normal journal account v write the name of the person who is transacting and the name to he/she is transferred. And also if Commission are something is received v r writing it as commission received but y not v write in this plz let me know ma'am I have my exams coming

[@Letstuteaccountancy]

In books of consignor, we open consignment account which is nominal account to record all income and expenses related to consignment and consignee account with whom we are transacting. In books of Consignor, there wont be his own consignor account. Also in books of consignor commission paid is an expense of consignment which gets directly debited to consignment account and credited to consignee account to whom it is payable. And in books of consignee, we open consignor account with whom he is transacting and commission account as it is an income for consignee. If you still have doubts do let us know. All the best for your exams👍🏻

[@lakshanak7036]

Part 5 is not there?

[@Letstuteaccountancy]

For all the parts of this entire chapter - check our course on Consignment Accounting on our website www.letstute.com

[@b.comtanusingh9058]

Nice video but don't play background music it's create disturbing 🙏

[@Letstuteaccountancy]

Yeah...we are now being more careful for that. Also for all videos on this topic with problem solving and tips sessions - check this out- www.letstute.com/category/course-details/64x234

[@joshdinesh8196]

Illustration 5 radymurty book

[@Letstuteaccountancy]

Can you please ellaborate you doubt??

[@deepikakumari6985]

Maam.. Part7,8 upload nhi hai kya??

[@Letstuteaccountancy]

We do have entire chapter drafted as a course which includes explanation and problem solving, just check this out- www.letstute.com/category/course-details/64x234

[@kushi7899]

Mam Solpa kannada dali exapin madi

[@Letstuteaccountancy]

Sorry we have only in English and Hindi

[@samudralavagdevi3002]

Really 🖤uh Rey...💋

[@Letstuteaccountancy]

Thank you for liking this session. For all videos on this topic, check this out: www.letstute.com/category/course-details/64x234

[@USER-rl7vl]

Pls...turn off the background music...

[@Letstuteaccountancy]

Sorry for the disturbance but now it is difficult for us to remove as the video is already uploaded. We have taken care of this in all our recent videos.

[@nikhilkongari8047]

What is your full name mam

[@Letstuteaccountancy]

Thank you for watching. My full name is CA Sonali Doshi. Do check out various accountancy and other courses on our website www.letstute.com Also, Do check out various exam and study tips videos at one place for Free on our website - www.letstute.com/examhelp/exam-help-tips.

[@B_De_Trend_Setter]

IN 9TH TRANSACTION HOW IT IS BILLS PAYABLE MAM HE TOO RECIVE THAT BILL AMOUNT FROM OTHERS NA MAM THEN WE NEED TO WRITE IT AS BILLS RECIVABLE ONLR NA MAM (CONSINOR BOOKS MAM) & 10TH ENTRY NOT UNDER STOOD MAM

[@Letstuteaccountancy]

9th entry - it is about settlement between consignor and consignee. Consignor will either receive cash from consignee or he will draw a bill on consignee. So for Consignor - it is bills receivable from consignee and for Consignee - it is bills payable to consignor.

[@Letstuteaccountancy]

And 10th entry is regarding closing nominal accounts and transferring the balance at year end. So balance of goods sent on consignment will be transferred Trading/Purchased A/c And commission transferred to P&L A/c.

[@Kalasu123]

Thoda hindi m bi bol liya kro shayad students ko jyada samj ayye

[@Letstuteaccountancy]

For Hindi we have another channel - Letstute Accountancy Hindi. Usme abhi Consignment ke videos upload nahi hue hai.