Purchase in transit

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satish (Querist)
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18 January 2013 Dear All,

How to make purchase in transit journal entry in books at the end of every quarter.

regards,
satish

Sanket

Sanket (Expert)
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18 January 2013 goods in transist means the goods were in transportation yet not reached the production place(or) destination place can be regarded as goods in transist the entry for this is
Goods in transist a/c dr
To cash a/c

satish

satish (Querist)
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18 January 2013 and when goods received then journal entry

Sanket

Sanket (Expert)
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18 January 2013 Purchse a/c dr.
To Goods in trnsit A/c

satish

satish (Querist)
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18 January 2013 and in sale tax return can we show purchase in transit or when material received

Sanket

Sanket (Expert)
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18 January 2013 Sorry brother no idea about it....
Wait for the other replies....

satish

satish (Querist)
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18 January 2013 Thanks dear

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