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..

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

Answer / amol

Goods in transit a/c dr
To stock a/c

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.

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

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)

Answer / ravipolina

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

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

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)

Answer / dharmesh sati

This is only for provision purpose so Journal Voucher
should be passed

Inventories Debit

To Good in Transit Account Credit

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