Accounting Treatement for Goods in Transit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2011
Hi
Pls suggest the below entries are correct in the year end for GIT.
1. Dr. GIT (under closing inventory)
Cr. Suppliers
In the following year the entry need to be reversed and purchase entry need to be accounted.
Regards
Prashanth
Hi
Pls suggest the below entries are correct in the year end for GIT.
1. Dr. GIT (under closing inventory)
Cr. Suppliers
In the following year the entry need to be reversed and purchase entry need to be accounted.
Regards
Prashanth
22 January 2011
Yes you have passed the correct entry.
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