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Abnormal loss on consignment is credited to _?

 

A). Profit and Loss Account

B). Consignee’s Account

C).Consignment Account

D). None of the three.

Accounting Auditing Cost Accounting Finance
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Question added by Shamseer KM , Accounts and Admin Payroll , KBM Group
Date Posted: 2015/10/21
Upvote (3) Views (9) Followers (8) Answers (9) Report Question
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Tohidul islam
by Tohidul islam , probationary level , uttara bank limited bangladesh

Answer: option C Consignment Account.

Muhammad Sabith
by Muhammad Sabith , Accountant , SIMORA

.Consignment Account..................

FAROOQ NASIR
by FAROOQ NASIR , ACCOUNTS ASSISTANT , NATIONAL TELECOMM CORPORATION

it should be credited to consignment a/c

Mujeeb Alam FCMA
by Mujeeb Alam FCMA , Costing Manager , Al Sharq Plas LLC

Abnormal Loss Accounting Treatment: Abnormal loss A/C ...........Dr. To consignment A/C For abnormal loss transferred: Profit and loss A/C........Dr. To abnormal loss A/C

Deleted user
by Deleted user

Yeah defiantly its option C>>>>>>>>>>>>. 

Anwar Ahmed
by Anwar Ahmed , IT Consultant , Mani Group L.L.C

B). Consignee’s Account

to know the correct profit.

 

jefrey mauricio

Answer is ccosignment account

IMRAN ALI MOHAMMED
by IMRAN ALI MOHAMMED , Accounts Officer , M/s. Euro Glazing Ltd

Any Abnormal loss on consignmnet is credited to 'Consignment Account' in order to know the exact profit made on the consignment. so the answer is 'C'

Usman Ijaz
by Usman Ijaz , Financial Analyst (FMCG/Sales) , MANUEL TRADING COMPANY/SUPER MARKETS

P&L A/C  Dr.    Consignment A/C Cr. ...... so C is the answer

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