How the goods in transit be shown in the Balance Sheet?
Goods in Transit
CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
19 June 2009
CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
19 June 2009How the goods in transit be shown in the Balance Sheet?
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 19 June 2009
Whether it should be included in the Inventories or not? Or should it be seperate from inventories.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 20 June 2009
Yes, the goods-in-transit are the part of ur closing stock only,....
But in Balance Sheet, you need to show bifurgation under Closing Stock..
CLOSING STOCK :
Stock-in-hand
Stock-in-transit.
The same goes for cash in hand and cash in transit
CA Jimmit D Mehta
(Employed)
(494 Points)
Replied 25 June 2009
YA I AGREE WITH WITH ABOVE PERSON
THIS SHOULD BE INCLUDED IN CLG STK BUT SHOWN BY GIVING BIFURCATION
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
CAclubindia
