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What do you mean by "Goods in Transit:
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Answer / nanjappa_sr
Goods sold to a party but not yet reached the custoemr
destination. ( Dispatched to the Destination, but not yet
received by the purchaser.)
| Is This Answer Correct ? | 25 Yes | 4 No |
Answer / bharadwaj
similarly the two balance may differ because of goods in
transit.suppose the head office sent goods to the branch on
28th December but those goods were received by the branch
on 4th January.Head office must have debited the acccount
of branch in its books but therewill be no corresponding
credit to head office account in the books of branch. so on
the last day of accounting year 31st December the head
office will pass the following adjusting entry:
Goods in Trasit A/C dr
To Branch A/C
it is shown as an asset in the balance sheet
---------------------------------------
| Is This Answer Correct ? | 11 Yes | 2 No |
Answer / bc070400217
Goods that have departed from the dispatch, loading, or
shipping point but have not yet arrived at the receipt,
offloading, or delivery point. Also called in transit
inventory or stock in transit.
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / answer
its means .....Purchase of goods from a supplier and its
reach to company warehouse during on the way of goods its
called good in transit.
| Is This Answer Correct ? | 2 Yes | 2 No |
Answer / anil
Goods in transit mean (sales E-1).
Goods sold a party but metrial go to other party
Our company :------ Sales ------ Our customers
our customers:------- customers party
this sales is not central sales this sales E-1
| Is This Answer Correct ? | 8 Yes | 14 No |
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