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what is goods in transit and how to pass an entry
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Answer Posted / cma ilyas
If purchase is already recorded, but goods are in transist, then the entry will be :
Goods in transit a/c Dr
To Purchase a/c
Goods in transit is shown as a current asset in the balance sheet
When goods are recieved, the entry will be reversed:
Purchase a/c Dr
To Goods in transit a/c
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