hiiiiii
plz anybody tell me that what's the entry for Goods in transit and how can i show in Balance Sheet with Group name.
i think that the entry is
Goods in Transit Dr.
To party
m i right?
Plz Reply me Soon.
1 Replies
Parth Dewangan
(Job)
(87 Points)
Replied 08 September 2010
Dear Mr. Pawan,
You are absolutely correct. 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 sepearate item in the schedule of inventory under the head "Current Assets, loans & advances" .
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