Goods In Transit
This query is : Resolved
28 October 2009
Our Company Sale 5000 no of bag @100/- each to A Ltd. In which 4000 bag have received to party but 1000 bag still in transit ( i.e. Goods in Transit )
what should be ledger entry of this transacton in Our Books and Where Goods in Transit should be shown in Balance Sheet.
and also where this goods in transit will be shown by A ltd in their balance sheet too
what should be ledger entry of this transacton in Our Books and Where Goods in Transit should be shown in Balance Sheet.
and also where this goods in transit will be shown by A ltd in their balance sheet too
28 October 2009
GOODS ARE IN TRANSIT , U HAVEN'T RECEIPT THE GOODS SO U CAN SHOW THESE GOODS AS STOCK IN TRADE.
ENTERY SHOULD BE.
GOODS IN TRANSIT Dr.
TO PARTY A/C (CASH/BANK)as case may be
and you will show these in balance sheet,
if u purchase on credit, liabilties will create and Show creditor,
and goods in transit as an assets,
ENTERY SHOULD BE.
GOODS IN TRANSIT Dr.
TO PARTY A/C (CASH/BANK)as case may be
and you will show these in balance sheet,
if u purchase on credit, liabilties will create and Show creditor,
and goods in transit as an assets,
28 October 2009
Agree with expert.
28 October 2009
Agree with Expert
when the sale is made to A. Ltd. and property in goods pass on to the A Ltd. A Ltd. should pass entry
Goods in Transit A/c Dr.
To Party A/c/ Cash A/c
Show Goods in transit in Balance Sheet
For your books sale to A Ltd. is a normal sale transaction and pass the normal sale entry.
when the sale is made to A. Ltd. and property in goods pass on to the A Ltd. A Ltd. should pass entry
Goods in Transit A/c Dr.
To Party A/c/ Cash A/c
Show Goods in transit in Balance Sheet
For your books sale to A Ltd. is a normal sale transaction and pass the normal sale entry.
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