Question 5:
When the Consignee receives the
goods on consignment
The Consignee buys the goods
The Consignee merely Agrees to sell
the goods on behalf of Consignor
The consignee and consignor
become equal partners
The consignee and consignor
become co venture
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Answer:
No entry is made in the books of account. The consignee is not the owner of the goods and therefore he makes no entry when he receives the goods. The consignor's account will be closed by debiting it with cash or final bill or draft in settlement.
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