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I provided the Consignment procurement process in this document
Vendor Consignment is a process wherein the supplier provides materials and stocks them in the purchaser’s premises. The material remains in the books of the supplier (vendor) until the same is withdrawn from the stock of the consignment and put to use. The inventory gets transferred to the books of the purchaser only when the same is removed from the consignment stock. The supplier (vendor) would not invoice the purchaser initially when they come into the premises of the purchaser. The purchaser is liable to pay the supplier (Vendor) only when the stock is withdrawn (consumed).
Here Debit means +Ve and Credit means -Ve.
Consignment Payable – KON – Credit
Stock – BSX – Debit
Consignment Payable(KON) – Debit
Vendor Account – Credit
Bank Account – Credit
Vendor Account – Debit
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