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Query On Cloasing of Purchase & Sales

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Hukam Chand

Hukam Chand (Querist)
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20 March 2023 Dear Sir,
i have finalize the balance sheet on mothly basis but i facing some problem when i am finalize the balance sheet like:
i am making the Balance sheet of Feb, 2023 and some bills are goods in transit situation which related from feb, 2023 so where how to show these "goods in transit bills" are showing in the monthly balance sheet ? and what is nature of thses bills like any subhead.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 March 2023 Show it in goods in transit under current assets in case of ownership transferred as per sale of goods act.

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