Name items which are recorded at the invoice price in the Consignment Account. Give journal entries passed for the adjustment of loading in respect of each item.
Items Recorded at Invoice Price in the Consignment Account In consignment accounting, goods are sent by the consignor to the consignee for the purpose of sale. These goods are often recorded at the invoice price rather than the actual cost price. The invoice price includes the cost plus a markup (known as loading) to ensure […]