Entry of goods in transit in books
This query is : Resolved
17 May 2013
SIR,IN CASE OF PURCHASES INSTEAD OF FIRSTLY DEBIT TO GOODS IN TRANSIT A/C AND CREDIT TO SUPPLIER A/C AND THEREAFTER DEBIT TO PURCHASE A/C AND CREDIT TO GOODS IN TRANSIT ACCOUNT IF WE DIRECTLY PASS THE ENTRY AS
PURCHASE A/C DEBIT AND SUPPLIER A/C CREDIT
IS IT ALLOWABLE ? IF NOT PLEASE GUIDE ME ACCORDINGLY
PURCHASE A/C DEBIT AND SUPPLIER A/C CREDIT
IS IT ALLOWABLE ? IF NOT PLEASE GUIDE ME ACCORDINGLY
CMA Ramesh Krishnan
(Expert)
19 June 2013
First method can be used only during month end, where you are already purchased and goods in transit , yet to receive
second method is normal process
second method is normal process
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