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(Querist)
08 March 2015 sir, thank you for resolving my last query. I have a client manufacturing cement. they import coal. my query is should they recognize coal in their books of account as stock in transit for the coal which is on seas. if so can you please tell the accounting entries.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
08 March 2015 If they import coal on FOB basis pass the following entry.
Goods in transit Dr
To sundry creditors.

If payment has been already made adjust sundry creditors against advaces.
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