Common Mistakes in Consignment Accounting

The video tutorial discusses common mistakes in consignment accounting, emphasizing the importance of correct ledger entries, handling consignee's commission, and accurately recording credit sales. It also covers valuing closing stock, reversing loading on invoice prices, and the significance of practicing journal entries to avoid errors and improve exam performance.

What are some common mistakes made while writing particulars in the ledger accounts for consignment accounting?

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Explain the correct journal entry for freight and insurance paid by the consignor.

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What should be done to avoid forgetting to give effect to consignee's commission?

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How should commission be calculated if nothing is specified in the question?

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What is the error that may occur when recording credit sales depending on del-credere commission?

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What should be considered while valuing the cost of closing stock on consignment?

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What is the common error made when finding loading using the cost plus loading formula?

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