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Entry of stock in transit

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(Querist)
17 April 2015 how can i made entry of stock in transit
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Arpit Shah

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Arpit Shah (Expert)
18 April 2015 https://www.caclubindia.com/forum/accounting-entry-for-goods-in-transit-54029.asp#.VTHgz-nqlxA
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Rajnish Singh

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Rajnish Singh (Expert)
09 November 2015 As per Accounting standard stock can be booked only when ownership transfered in name of company that is depend on purchase terms assume if that is company assets than we have to pass below entry..

Goods in Transit account Dr.

To Vendor Account.

and when goods received ..

Purchase account Dr.

Tax Input Account Dr.

To Goods in Transit Account.
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