Goods in transit A/c -------Dr To, Creditors A/c Purchase A/c

what is goods in transit and how to pass an entry

Question Posted / mozabir

Answer Posted / mozabir

Goods in transit A/c -------Dr
To, Creditors A/c

Purchase A/c ---------------Dr
To, Goods in transit A/c

Is This Answer Correct ?

29 Yes

11 No

Please Help Members By Posting Answers For Below Questions

Expand CCIT?

2440

what do u mean by single error and double error in accointing errors?

2287

what is ZBA hold & balance hold in banking?

2296

Short Answer on ______Budget

1964

joint venture?

2206

service tax form no ? What is CC Limit ? What is branch accounts?

2213

Expand-------NAC

2255

What is the difference between payable and accrual

1957

Expand---------MNOP

2043

Is commodities transaction tax a permissible business expenditure? Explain

2217

What is deffered income

2290

What is meant by Revenue Loss

2098

what is joint venture?

2111

let me know the meaning and Nature of cash

2146

What Is Depreciation, and from which date do we charge Depreciation for an asset ?

2113