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Consignment Meaning & Features

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CA Prashanth Reddy
30/03/2017 0 2

Meaning & Features Of Consignment

Meaning: Consignment means the transaction of sending goods by one person (called CONSIGNOR) to another (called CONSIGNEE) who is to sell those goods on behalf of the Ist person.

Features

  • The relation between consignor and consignee is that of principal and agent.
  • Only the possession and not ownership is transferred to
  • Risk of goods remains with Consignor and not with the
  • Only movable property is subject matter of the
  • Consignment goods are dispatched on the basis that the goods will be sold on behalf of, at the expense and at the risk of the consignor.
  • Consignor sends Pro-forma Invoice and not Sales
  • Consignee sends Account Sales (which contains information as to Sales, Expenses, Commission, Advance, and Balance due).
  • The Profit or Loss on consignment belongs to Consignor and not Consignee.
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