Answer Posted / 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..

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