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what is goods in transit and how to pass an entry
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Answer / sandheep
Goods in transit will arise in two circumstances
1. Purchase :(Bills received and paid but not goods(L/C))
Ans:
a. Dr.Purchase & Cr. to Bank (pymt made by bank)
b. Dr.Goods in transit (BS) Cr. P/L.
(entry on closing date)
c. Dr. Inventory Cr. to Goods in Transit.(when
goods received)
2. Sales:(Goods on transit not received by buyer)
Ans:
a. Dr. Goods in transit cr. to Trading A/c
(adjustment entry on closing date (CA Dr P/L Cr)
b. Dr. Customer Cr. Goods in Transit.(when
goods received by customer)
forgive me if im wrong..
| Is This Answer Correct ? | 29 Yes | 28 No |
Answer / jyotiram kharat
When goods is despatched
1) goods in transit a/c dr.
To sales a/c
When goods delivery
2) creditors a/c dr.
To goods in transit a/c
When Cash received.
3) cash a/c dr
To creditors a/c
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / sumit kumar
when u purchased goods from creaditor. the entry will be...
Purchase a\c dr.
to creditor a\c
And when goods purchased but not received by buyer yet than
entry will be...
Good Purchased a\c dr.
to good in transit a\c.
| Is This Answer Correct ? | 5 Yes | 9 No |
Answer / syed
To Pass Goods in Transit Journal Entries
1 ) Goods in Transit ..Dr
Party .....................Cr
2) Party ........... Dr
Margin ...........Cr
PAD................Cr
3) Purchase .......dr
Goods in Transit.......Dr
4) PAD ,..............Dr
Bank ...............Cr
| Is This Answer Correct ? | 6 Yes | 12 No |
Answer / ady
1 For booking purchase entry
Purchases a/c -----dr (PL)
To Creditors (BS)
2 For Stock entry
GIT Inventory a/c -----dr (BS)
To GIT Inventory (PL)
| Is This Answer Correct ? | 7 Yes | 16 No |
goods in transist means the goods were in transportation
yet not reached the production place(or) destination place
can be regarded as goods in transist the entry for this is
goods in transist a/c dr
to cash
| Is This Answer Correct ? | 64 Yes | 75 No |
Answer / michael maiti
It means the goods are purchased and are on shippment not
yet received by the buyer
entry :Dr Goods purchased & Cr goods in transit
| Is This Answer Correct ? | 11 Yes | 22 No |
Answer / ghous
First entry ( TO record Purchases)
Purchases A/c DR
Creditor A/c CR
2nd entry
Goods in Transit DR (Current Assets)
Goods in Transit CR (Cost of sales)
| Is This Answer Correct ? | 5 Yes | 16 No |
Answer / dharmesh sati
This is only for provision purpose so Journal Voucher
should be passed
Inventories Debit
To Good in Transit Account Credit
| Is This Answer Correct ? | 16 Yes | 48 No |
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