Stock in transit
This query is : Resolved
02 October 2012
dear all,
i received material in april 2012, (20 nos. invoices,) the bill date was march 2012.
i showed it in balance sheet in purchase group with
purchase in transit
credit the party account.
and same shown in closing stock.
please tell is it the right way..
i received material in april 2012, (20 nos. invoices,) the bill date was march 2012.
i showed it in balance sheet in purchase group with
purchase in transit
credit the party account.
and same shown in closing stock.
please tell is it the right way..
02 October 2012
Yes if the same practice is followed consistently. Under closing stock, a separate line item is made and shown as stock in transit.
02 October 2012
Yes if the same practice is followed consistently. Under closing stock, a separate line item is made and shown as stock in transit.
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