Entry of stock in transit
This query is : Resolved
18 April 2015
https://www.caclubindia.com/forum/accounting-entry-for-goods-in-transit-54029.asp#.VTHgz-nqlxA
09 November 2015
As per Accounting standard stock can be booked only when ownership transfered in name of company that is depend on purchase terms assume if that is company assets than we have to pass below entry..
Goods in Transit account Dr.
To Vendor Account.
and when goods received ..
Purchase account Dr.
Tax Input Account Dr.
To Goods in Transit Account.
Goods in Transit account Dr.
To Vendor Account.
and when goods received ..
Purchase account Dr.
Tax Input Account Dr.
To Goods in Transit Account.
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