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When is goods in transit shown?

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Querist : Anonymous

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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.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 April 2016 Your understanding is right account goods in transit only at the year end.
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Rupesh Jain

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Rupesh Jain (Expert)
02 May 2016 yes, your understanding in ok. its mostly taken as on date on year end.
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