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Purchase in transit

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(Querist)
18 January 2013 Dear All,

How to make purchase in transit journal entry in books at the end of every quarter.

regards,
satish
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Sanket

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Sanket (Expert)
18 January 2013 goods in transist means the goods were in transportation yet not reached the production place(or) destination place can be regarded as goods in transist the entry for this is
Goods in transist a/c dr
To cash a/c
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satish

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satish (Querist)
18 January 2013 and when goods received then journal entry
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Sanket

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Sanket (Expert)
18 January 2013 Purchse a/c dr.
To Goods in trnsit A/c
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satish

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satish (Querist)
18 January 2013 and in sale tax return can we show purchase in transit or when material received
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Sanket

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Sanket (Expert)
18 January 2013 Sorry brother no idea about it....
Wait for the other replies....
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satish

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satish (Querist)
18 January 2013 Thanks dear

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