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Stock in transit

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 October 2012 what is entry of goods in transit ?
what is effect of goods in transit on balance sheet and profit loss accounts?
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CA.Vinita Gupta

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CA.Vinita Gupta (Expert)
21 October 2012 STOCK IN TRANSIT A/C DR
TO CREDITORS/BANK
THE STOCK IN TRANSIT CAN BE INCLUDED IN YOUR STOCK OR CAN BE SHOWN AS STOCK IN TRANSIT UNDER THE HEAD STOCK AS PER THE ACCOUNTING POLICY FOLLOWED BY THE CO
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SANYAM ARORA

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SANYAM ARORA (Expert)
21 October 2012 Agreed with Vinita
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