Hello, in this lecture, we will define consign II according to fundamental accounting principles. In the 22nd edition, the definition of consignee is the receiver of goods owned by another, who holds them for the purpose of selling them for the owner. There are a couple of things that can be confusing about this term. One has to do with inventory in terms of who owns it and who is holding it. The other has to do with which side of the consignment transaction we are on. Are we the person giving the inventory or receiving it? Let's take a look at an example where we have a farmer. This farmer makes wine, so the wine is owned by the farmer, who is the consignor. However, the farmer is going to give the wine to a restaurant. So, the restaurant is holding onto the wine. It may seem like the restaurant is the consignee, but in reality, it doesn't own the wine. The ownership still belongs to the farmer, even though it is now at the restaurant's location. Why would this happen? Because the restaurant will sell the wine to the end-user. The restaurant has the ability to display the wine and even have wine tastings so that the end-user can purchase the wine. However, when the purchase happens, most of the revenue will go back to the owner rather than the consignee. Of course, there would be some kind of negotiation for compensation between the owner and the consignee. This situation can also apply to other items such as paintings. If there are artists in the area, the display areas where the art is showcased might be in a restaurant or any other place where people can see the art. But the ownership of the art will still be with the consignor,...
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Consignee on Bill Of Lading Form: What You Should Know
How to fill out your Bill of Lading, and How Will It be Used in Freight Shipping? A BILL OF LADING is a document in which a shipper(s) (consignor) is able to release a shipment of goods at its destination port by completing form C. How to fill out your Bill of Lading Form, and What Are the Pros and Cons If the shipping company(s) cannot issue a bill of lading before receiving goods at the destination, a bill of lading must be obtained and filled out before What is a Bill of Lading, and How Is it Used in Freight Shipping? Bills of lading are typically negotiable documents and allow the transfer of ownership of the goods outlined in the bill of lading to another party. How To Fill The Bill with Lading, and What Are The Pros and Cons If the shipping company(s) cannot issue a bill of lading before receiving goods at the destination, a bill of lading must be obtained and filled out before the shipment is released to the consignee(s). When is the best time to submit a bill of lading? The best time to submit a bill of lading is when the shipping company will receive the goods at the destination port. The shipper is generally responsible for payment for shipment of the goods. Bills of lading are typically negotiable documents and allow the transfer of ownership of the goods outlined in a bill of lading to another party. What are the Pros and Cons? A BILL OF LADING is an alternative to the normal payment method used in freight shipping. The most common reasons why a shipper does not issue a bill of lading and the shipper is responsible for the payment for shipment of the goods. What If the shipper does not receive the goods or does not have sufficient funds to pay for the shipment? There is a possibility of not receiving the goods or the shipper is responsible for payment for the shipment of the goods. What about a Bill of Lading Cancelled During Shipping? If a bill of lading is cancelled within 1 year of the shipment date, the sender is responsible for the payment for the shipment date. When is an item considered to be in transit, and for how long? When the shipment is in transit (i.e.
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