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Goods in transit

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(Querist)
22 April 2014 Company have import goods but on 31st march 2014 goods in sea (in transit) how can its account treatment in books of account
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Rupesh Jain

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Rupesh Jain (Expert)
22 April 2014 you book when goods recd. in your premises.
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Rahul

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Rahul (Querist)
22 April 2014 but in balance sheet where it is effected
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Rupesh Jain

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Rupesh Jain (Expert)
23 April 2014 you are not recd. goods then no question of show in balance sheet.
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