GOODS IN TRANSIT

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2010
HI,
HOW CAN I PASS JOURNAL ENTRY FOR GOODS IN TRANSIT,
KINDLY SUGGEST ME. ON FOLLOWING POINTS
# WILL THE GOODS IN TRANSIT ADD IN PURCHASE AND TAKE INTO CLOSING STOCKS
# OR IT HAS TO SHOW ONLY IN STOCK & CR. PARTY'S AT THE END OF THE YEAR.

IN FIRST CONDITON.

# AT THE END OF THE YEAR
PURCHASE A\C DR.

TO GOODS IN TRANSIT.( CURRENT LIABILITY)

# NEXT YER

GOODS IN TRANSIT DR.

TO PARTY'S ( WHEN GOODS RECEIVED)

# IN SECOND CONDITONS

# AT THE END OF THE YEAR

GOODS IN TRANSIT DR. ( CURRENT ASSETS)
TO PARTY'

NEXT YEAR

PURCHASE DR.
TO GOODS IN TRANSIT.

KINDLY PROVIDE UR ADVICE.

THANKS

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2010

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