Consignment inventory

I think you have posted this to the wrong forum – “sir” suggests you meant to use a tutor forum and your question is accounting not auditing. But to address your questions:

There doesn’t have to be a journal entry for the mere movement of goods. When control passes, there is a sale transaction that will be recorded like any sale transaction. Until control passes there is no sale.

IFRS has very little to say about debits and credits so how the consignor and consignee “account for” (as in record) the movements of goods is entirely down to them – and any journals do not have to be mirror images of each other.

Consignor/consignee may simply record in some “daybook” the goods out/in which are marked off as and when they are confirmed as a sale or not (i.e. because they are returned).

Suppose A Co (a manufactured) sends a consignment of 100 cars to B Co (a distributor) under the following terms:
– the cars are legally owned by A Co until B Co sells the cars;
– after a period of 6 months B Co returns any unsold cars to A Co;
– A Co can demand the return of unsold cars or transfer them to another dealer any time during the 6 months;
– there is no unconditional obligation for B Co to pay for the entire consignment (but may be required to pay a deposit).