Goods in transit
This query is : Resolved
28 August 2014
how to treat goods in transit in books of accounts , should i include in closing stock or not ?
28 August 2014
It will shown as a Goods in transit only. U cannot add it in the closing stock.
28 August 2014
but how to show as good in transit?
28 August 2014
The entry will be:-
Goods in Transit Dr.
To Supplier/Vendor.
And after receipt of goods the following entry shall be passed:-
Purchase Dr.
To Goods in Transit
In the balance sheet goods in transit will be shown as a separate item in the schedule of inventory under the head "Current Assets, loans & advances" .
Goods in Transit Dr.
To Supplier/Vendor.
And after receipt of goods the following entry shall be passed:-
Purchase Dr.
To Goods in Transit
In the balance sheet goods in transit will be shown as a separate item in the schedule of inventory under the head "Current Assets, loans & advances" .
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