Question

What do you understand by consignment business? What is the difference between consignment and sale? What entries are passed in the books of consignor in this connection and what necessary accounts are opened?

23 Jan 2022
Answer :
Word Count : 544

Consignment is an arrangement in which goods are left in the possession of an authorized third party to sell. Typically, the consignor receives a percentage of the revenue from the sale (sometimes a very large percentage) in the form of commission.

Consignment deals are made on a variety of products, such as artwork, clothing and accessories, and books. Some types of retail sales may be viewed as a special form of consignment where producers rely on retail stores to sell their products to consumers, although secondhand stores and thrift stores are more typically associated with the practice of consignment.

Consignment arrangements, however, would not include retailers such as Walmart or most supermarkets, which purchase goods outright from wholesalers and then sell their items at _____ _______ __________ _______ __________ ________ _________ _____ ________.
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