When is goods in transit shown?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 April 2016
Hi
As per my understanding, Goods in Transit should be shown in books of accounts when inventory has been dispatched to the customer, but the risk is on us. That is, we have not recognized it as sales. Please help me identify if I am correct on this understanding?
Now, should we show this transaction as Goods in transit every time such transaction happens, that is, we have dispatched the goods but these have not reached at buyer's place..or should we show Goods in Transit only during account period close?
Any help would be highly appreciated.
As per my understanding, Goods in Transit should be shown in books of accounts when inventory has been dispatched to the customer, but the risk is on us. That is, we have not recognized it as sales. Please help me identify if I am correct on this understanding?
Now, should we show this transaction as Goods in transit every time such transaction happens, that is, we have dispatched the goods but these have not reached at buyer's place..or should we show Goods in Transit only during account period close?
Any help would be highly appreciated.
29 April 2016
Your understanding is right account goods in transit only at the year end.
Message likes :
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02 May 2016
yes, your understanding in ok. its mostly taken as on date on year end.
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