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..
Amol S Joglekar
(Expert)
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.
Amol S Joglekar
(Expert)
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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