Stock in transit

This query is : Resolved 
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(Querist)
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..
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Amol S Joglekar

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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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Amol S Joglekar

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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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