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what is goods in transit and how to pass an entry
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Answer Posted / hariram
As per the revenue recognition - If the terms is FOB, then
this entry is to be passed. ie. only at the time of Risk
and rewards are transferred to the buyer.
Goods in transit entry is as follows
Goods in transit (Shown under Inventory schedule) A/c Dr
To Party (The liability is not understated)
At the time of receipt of goods
Inventory RM A/c Dr
To Goods in trasit
Net effect is Inventory RM A/c to Party A/c
at the time of consumption the entry is passed as
RM consumption A/c Dr
To Inventory RM.
| Is This Answer Correct ? | 153 Yes | 36 No |
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