vinay (proprietor) (50 Points)
18 February 2013how does one conclude sale in transit ,what is document of title if goods are moving from one state to another by road transport . does endorsement on lorry receipt conclude the sale . who will pay to transporter . can somebody give complete chonological order of event .
MJ Krishnamurthy
(ACCT(Retd))
(7197 Points)
Replied 19 February 2013
Mr Vinay,
You can endorse on the lorry receipt to deliver the goods to your customer or you can write a letter to this effect and you can also change the invoice. After your customer receives the goods he should issue a 'C' form to you and you should issue a 'C' form to your supplier. Your supplier/seller has to issue an E1 form to you.Here the sale in transit is complete......MJK
CAclubindia
