Marathon-2 Consignment Accounts 13th June 2023.pdf

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2. Qualified both CA & CS in First attempt.
CA. CS. ANSHUL AGRAWAL
Director & Educator Leader –Unacademy CA
Taught thousands of students more 10years.
Ranking as #1Educator on Unacademy for CA.
MERIT RANKERin 12
th
Standard.
First & Only CA Educator to be watched for 165 Million+
minutes & 70,000+ followers
Subjects TaughtCA-Foundation Accounts
CA-Intermediate Accounting & Costing

7. 1
2
3
4
5
6
7
8 9
10
11
12
13
15 Marks

8. ❑SERIES OF MARATHON is better than ONE STRECHED MARATHON.
❑All topics systematically covered in daily revisions. It gives you time for other subjects & self studies.
❑Complete conceptual explanation.
❑Ample of Questions to be practiced. Meticulously handpicked and selected, some crafted by me.
❑Self Assessment in between of session.
❑Uniform timing –adequate break.
❑PDF Notes will be uploaded daily before 4pm for my 7pm session. You can download and print.
❑FREE Full Syllabus Test 21
st
June 2023 with evaluation class on next day.
❑Lots of Motivation throughout all the sessions.
❑Anshul Sir’s USP –Warm Up session on examination day.

9. Empowering all CA students
India’s first FREE Video Library
Direct Links for Marathons Notes
▪Links of all Marathons
▪Marathon Notes
▪ICAI RTP/MTP/PYQ/Study Material
Connecting link between ‘YOU’ & ‘ME’ till exams

10. REVISION STRATEGY
#1: DURING MARATHON SESSION
(a)Do conceptual revision
(b)Solve Questions along with me
(c)Be Participative throughout the session
(d)Take up Self Assessment
#2: AFTER MARATHON SESSION
(a)Solve additional questions of the topic done
(b)Study for 3 to 4 Hours and complete those topics
#3: Make the Best use of 18
th
June 2023 i.e. Self Study Day and revise
syllabus entirely.
#4: Take up Full Syllabus Test on 21
st
June 2023 > Evaluate > work on
your weaknesses / gap areas.

11. CONSIGMENT ACCOUNTS
ICAI EXAM PAPER ANALYSIS
EXAM MARKS
MAY’18 10M Q2(a)
NOV’18 10M Q4(a)
MAY’19 - -
NOV’19 10M Q3(a)
DEC’20 5M Q3(a)
JAN’21 10M Q3(a)
JULY’21 10M Q3(c)
DEC’21 - -
JUNE’22 10M Q3(a)
DEC’22 - -
JUNE’23 ?

12. Marketing
Distribution

13. Producer/Manufacturer
/ Wholeseller
“CONSIGNOR” (C’or)
Owner of the Goods
Possesses all Risks and
Rewards
Principal to C’ee
Retailer
“CONSIGNEE” (C’ee)
Possessor of the Goods
Agent of C’or
C’orconsigns goods to consignee along with proforma invoice
C’eemay give avanceto C’or(Cash / Cheque / Bills of Exch.)
C’eeremits final remittance along with Account Current
B2B
Consignment Sale
B2C
Ordinary Sale
Customer
Sells goods to
-
-
-
WIN
-
WIN

14. Difference between Ordinary Sale & Consignment Sale
ORDINARY SALE
POINT OF
DIFFERENCE
CONSIGNMENT SALE
Ownershipistransferredfromsellertobuyer. Transfer of
Ownership
Ownershiprestswiththeconsignortillthegoods
aresoldbyconsignee.
Therelationshipofthepartiesisofasellerand
buyer.
Relation in Parties
Therelationshipofthepartiesisofaprincipal
andagent.
SaleInvoiceispreparedbyaseller. Originating
Document
ProformaInvoiceispreparedbyconsignor.
Buyerisliabletopayamountmentionedinthe
SalesInvoice.
Liability
Consigneeisnotliabletopayamountmentioned
intheProformaInvoice.
Buyerbearstheloss,ifanyafterthedeliveryof
goods.
Loss of Goods
Consignorbearsthelossofgoodsheldby
consignee.
Buyercanreturnthegoodstotheselleronlyif
termsofsalesoprovides.
Return Policy
Consigneecanreturntheunsoldgoodstothe
consignor.
specimen
-
-
- ~ -
I
- -
-
-

15. TYPES OF
COMMISSIONS
NORMAL/
ORDINARY
COMMISSION
SPECIAL /
OVERRIDING
COMMISSION
DEL-CREDERE
COMMISSION
•Itisacommissionoffered
byConsignortoConsignee
forhisagencyservices.
•Itmaybeeitheras%of
totalsalesor
•Fixedamount/unitsold.
•Itisanadditionalcommission
offeredbyConsignorto
Consigneeto‘PromoteSales’.
Total Sales = Qty. Sold x SP/unit
•Itisanadditionalcommission
offeredbyConsignorto
Consigneetobeartheriskof
baddebts.
•ItisgivenonTotalSalesand
notjustcreditsales.
Increase

17. ICAI Dec’20 Exam Q3(a) 5M
1BOX
1
x
400Boxes
consignor
-
Abnormalloss
399
-----
-
-
NL DCC
400
-
1
=
399-370
=
23

18. IntheBooks
ofMaya-consignor
Dr.
consignmentAccount
2.
particularsAmt- particulars Arat
ToGoods
sent
on
con.12,00,00ByAbnormalloss
(WN1)3,500
(400x3000)
Tocash/Bank
a
(400x500)2,00,000By
ins.
Claims
2700
To
consignest,(Exp.)
3,12,000By
P2L84
(Netloss)
800
To
consigneest,(comm
72,158
Byconsigner
(sales)
24,05,000
TOPOLS.
(Profit)
*740,350
(65x370x100)
By
cons.
Stock
(WN2)
116,000
25,24,500 25.24.550

19. WNI:
CalculationofAbnormal
loss
(costories
GROSSLOSS(3000
+
500)
=3500 Ab.LOSSH
--Dr.
to
consignmentsta
"¥-
Insurance
claim (E2700)cash/BankHt-Ar
toAb.LossIts
-
o
NETLOSS -800 P&L2.
-
Dr
TOAb.Loss
atc.

20. WN28
Stockwith
consigne
Value
of
CS
=
CP/IPOJCS
+
Prop.
Exp.
of
Cor+
Prop.
NRE
o
cier
>
=(29x3000)
+
(29x500)
+
(x
29
=
87,000+14,500
+14,500
=
116,000(P)
<30ty.
=
400
-
1
=
399-370
=
29

21. ICAI Study
Material
Illustration-6
-
2000 6000
XDD.
consigner
calculation
-
ofFreight
DDD
22000,
1
k9.)
-
--
Rec.Exp
(6000xY2kg)

22. IntheBooks
ofconsignor
DU-
consignment
at
a.
ParticularsAmt particula Amtr
To
Goods
sent
on
con.H56,000By
Ab.Loss(CN) 515
(2000x(0)
+
(6000
x
6)
TO
consigners.
1440
By
consigners(Sales)
50,500
I
21.[(2000x15)
+
(6000x7](1520x15)
+
(4000x7)
To
consignerd,(Comm)2,525
To
consignett
600By
cons.Stock
(WN2)
16,915
TOD2L2, 7365
67,930 67,930

23. DU-
consigner
se
2.
Particular Amt- ParticularsAet.
To
consignment
4. 50,500BYconsignment
at 1440
Byconsignment
o 2525
Byconsignmentof
600
Bycash/Bank2
*
45,935
50,500 50,500
WNCSAb.Loss:
-
Grossloss
(50x10)
+
2%(50x15)
>
515
->Insurance
clairst
-S
6NetLoss 65
-
-

24. Wie:
Closingstock
1kg. 1/2kg.
c.
s.ty.
458 2000
(2000-5-1520)26000-4000)
CP/IPof
CS 54580
=
12,000
(1)Prop.Exp.of
Cou
- -1)Prop.
NRE
ofLee
(Feight)
-135 [280
27.
(45x15)
2%(2000x7)
-
-635
=
12,280
--

26. ICAI Study Material Q1
mended
--

31. N2
-
-
-
=-
-
-
-

32. Inthe
Booksofconsignor
D5:
consignment
Account
e.
particularsAcet- Particulars
Amt.
To
cash/Bank
H
12,000BYconsignerok
120,000
-To
consigneest,(Expl
9600ByGoodssent
on
son.30,000
ToGoodssentoncon.150,000By
Ab.lossst.
(WNI)
13,200
To
consigned,
13,125By
losing
stock(CON2)24,300
ToStockReserve
4500
By
P2L4.. 1725
1
189,225 189,225

33. consignerAccount
D5: e.
particularsAcet- Particulars
Amt.
Toconsignment
is 120,000Byconsignment
o 9600
Byconsignment
t 13,125
By
cash,Bankste97,275
120,000
120,000
NC
=
10%xsalesatIP112,520
=
11,25P
Sc
=
25%xExcess/Profit
750r=
5
13,125
-

34. CP I
"¥
=
IP I P
=
Sp
100I25
I
125
GSOC
(100%)120,000
+
30,000
=
150,000
Sold(75%)
-
112,500I7500
=
120,000
Loss
(10%)
12,000
-
15,000
CS
(15%)
+
-
22,500
WNL)
Ab.Loss
·
G20ssLoss(12,000
+
1200)
13,200
c)Insuranceclaims
#
2000)
%NetLOSS E1200

35. ww2)closing
stock
valwofes
=
CP/IPof
CS
+
Prop.Exp.
ofCor+Prop.
NRE
of
Ciel
=
22,500
+
(12,000
x
15%)
+
0
=
22,500+1800
=
24,300((p)
includes
loading
4500

36. ICAI Study Material Illustration-2
ACCOUNTING INTHEBOOKSOFCONSIGNEE
BOE(Drawer)
C02 Cel
I
=
-
-
-
-
-
DD
-
GPOct'19

37. IntheBooks
ofconsigne
-
soumalEntires
03107119Fonsignoust,
-
Dr30,000
&
ToBUS
Payableo,30,000
Being
bill
accepted)
03/07/19
consignoree
-
Dr.2800
2800
To
cash/Bank
stBeingexps.paid).
06110119Bills
Payablea-Dr.
30,000
To
cash/Bank&
30,000
·Being
bill
honoured).
31/12/19Cash/Bank/D1.4,-Dr.55,000
to
consignorsts55,000
Beinggoodssold)

38. consignoret,
3)
112119
consignoush-Dr.
5500
5500
"¥Being
comm.
becomes
dues.
5500
to
commissiona
or
so
t
3112119consignores
--
600
600
600
ToDebtorsHsBeing
BadDebts
accounted).
31/12/19
consignora-Ar.16,100
16,100
tocash/BankstBeingfinal
settlementdone

39. ADDITIONA SUGGESTED QUESTIONS
NON PLUS LEARNERS PLUS LEARNERS
ICAI SM Illu.3 ICAI SM Illu.3
ICAI SM Illu.5 ICAI SM Illu.5
ICAI SM Q4 ICAI SM Q4
ICAI MTP Nov21 ICAI MTP Nov21
Q4/AAA/152
Q6/AAA/153
Q8/AAA/152
Q9/AAA/152 –SC
Q10/AAA/152 –NL

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