Ipin Co. is a company that produces syrup. Upin Co. market the product on a consignment basis. Ipin Co. is one of the consignee companies of Upin Co. The consignment provisions made are advances paid by the consignee of 10% of the selling price for each consignment of goods delivery, the consignee gets a commission of 5% of each sale that occurs, the recording method used is Periodic Separately. If at the end of the period, the consignment product has not been sold, the product will be returned to the consignor. All costs that are inventoriable costs incurred in the said period will be charged proportionally between those sold and those returned to the consignor. All costs incurred, except shipping costs from consignor to consignee are considered to be inventoriable costs thereby increasing the value of inventory that is withdrawn. Advances will be returned to the consignee in accordance with the amount of goods returned to the consignor if the consignee also surrenders all obligations to the consignor. If there are still payments withheld (underpayment) by the consignee, the advance payment will be directly used to cover the underpayment.

Transactions that occurred during 2019 are as follows:
Jan 1 Ipin co. send 150 pcs of syrup to Upin co. with a selling price of Rp. 32,000 with a markup requirement of 25% above cost. For the shipment, Ipin co. bear the shipping fee of Rp. 80,000.
Feb 5 Ipin co. managed to sell 210 pcs at a selling price of Rp. 32,000 in cash and credit in a ratio of 1: 2.
Mar 7 Upin co. pay a warehouse rental fee of Rp1,000,000 and marketing fees of Rp200,000. All costs incurred by Upin co. will be borne by Ipin Co. except the cost of building rent which is only covered by 25%.
10 Sep Upin co. managed to sell 100 pcs of consignment goods, the selling price is the same as the selling price of the product to consumers by Ipin Co.
31 Des Upin co. only pay 80% of the amount due due to funding difficulties.
Requested: 1. Keep a transaction journal and closing journal from the Consignor and Consignee side!
2. Make a sales account from the consignee and expense analysis!

Answer rating: 100% (QA)

Consignor Side Transaction Journal Jan 1 Dr Cash 80000 Cr Inventory 150 x 32000 4800000 Feb 5 Dr Acc... View the full answer