Goods in transit!!
This query is : Resolved
18 June 2010
Dear Experts,
1.Please explain me about how to deal with Goods in Transit?
2.Whether it has to be included in purchases ( for entity which is to receive the goods)
3.Whether VAT to be accounted? IF so whether we can take input credit?
With regards,
Rajesh
1.Please explain me about how to deal with Goods in Transit?
2.Whether it has to be included in purchases ( for entity which is to receive the goods)
3.Whether VAT to be accounted? IF so whether we can take input credit?
With regards,
Rajesh
18 June 2010
Goods in transit should be included in purchases and also in the closing stock as goods in transit.
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