Accounting entry for stock in transit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2016 Dear expert,

Journal entry for goods in transit -git dr to creditors cr , first whether this entry correct.?Secondly by including git in closing stock we are increasing profit ?

Please reply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 April 2016 1 This entry is correct.
2 GIT should not be included in closing stock.

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2016 Sir in this case GIT will be under current assets and creditors in liability. Can you please explain the journal entry for Git and inventory effect. Thank you very much sir for your reply.Thanking you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 April 2016 The entry is right. As the material not reached your site inventory effect will not be there.
If you are not clear be specific what is your doubt.

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