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Accounting Treatement for Goods in Transit

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Querist : Anonymous

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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
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
22 January 2011 Yes you have passed the correct entry.
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