Goods in transit
This query is : Resolved
Nirpendra Singh
(Querist)
28 August 2014
how to treat goods in transit in books of accounts , should i include in closing stock or not ?
Nischit Sanghavi
(Expert)
28 August 2014
It will shown as a Goods in transit only. U cannot add it in the closing stock.
Nirpendra Singh
(Querist)
28 August 2014
but how to show as good in transit?
Nischit Sanghavi
(Expert)
28 August 2014
The entry will be:-
Goods in Transit Dr.
To Supplier/Vendor.
And after receipt of goods the following entry shall be passed:-
Purchase Dr.
To Goods in Transit
In the balance sheet goods in transit will be shown as a separate item in the schedule of inventory under the head "Current Assets, loans & advances" .
Goods in Transit Dr.
To Supplier/Vendor.
And after receipt of goods the following entry shall be passed:-
Purchase Dr.
To Goods in Transit
In the balance sheet goods in transit will be shown as a separate item in the schedule of inventory under the head "Current Assets, loans & advances" .
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