Consignment introduction Icom Consignments Accounts introduction and overview

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This video will show you the detail about consignment theoratical portion... It would clear almost you all basic questions about consignment.. • A consignment is a method of selling goods in which the seller retains ownership of the goods until they are sold to the end customer. The seller then entrusts the goods to a consignee, who is responsible for selling the goods on behalf of the seller. The consignee typically operates a physical storefront or online platform and receives a commission for their efforts in selling the goods. • There are several benefits to using a consignment model for selling goods. For one, it allows the seller to retain ownership of the goods until they are sold, which can be useful for managing inventory and reducing risk. The seller does not need to invest in inventory storage or transportation costs, as the consignee takes on these responsibilities. Additionally, the seller does not need to worry about managing customer relationships or processing orders, as the consignee handles these tasks. • Another advantage of consignment is that it allows the seller to test the market for their goods without committing to a large inventory investment. This can be particularly useful for small businesses or entrepreneurs who are just starting out and may not have the resources to invest in a large inventory upfront. • On the other hand, there are also some potential drawbacks to using a consignment model. The most significant disadvantage is that the seller typically receives a lower price for their goods compared to what they would receive if they sold the goods directly to the end customer. This is because the consignee takes a commission for their efforts in selling the goods, which reduces the overall price the seller receives. • Another potential drawback is that the consignee may not be as motivated to sell the goods as the seller would be if they owned the goods outright. This can result in slower sales and lower profits for the seller. • In conclusion, consignment is a method of selling goods in which the seller retains ownership of the goods until they are sold to the end customer. It offers several benefits, including the ability to manage inventory and reduce risk, as well as the opportunity to test the market without a large upfront investment. However, it also has some potential drawbacks, including a lower price for the seller's goods and potentially slower sales due to the consignee's lack of motivation. • Performa invoice • Consignor vs. Consignee • Account Sales • Consignment • Consignment outward vs consignment inward • Normal loss vs. Abnormal loss • Closing stock • Evaluation of closing stock • Commission its types • Del credre commission • Overriding commission • Ordinary commission • #ConsignmentAccounts • #Chapter3AccountingClass12 • #Multipedia • #BasicsOfConsignmentAccounts

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