Goods in Transit Adjustment in Final Accounts.

[@shubhigupta6523]

Very nyc

[@pawankhatri8649]

Thanks mam it really helps me.

[@elmydavid6798]

how to treat that goods in transit in the next financial year

[@rohitagarwal6140]

In this manner how did our existing inventory got adjusted? In this manner INR 1000 has been increased in Profit and Inventory. Bjut we have to reduce INR 1000 from the Inventory and add in Goods in transit INR 1000

[@yashdubey3390]

Thanks mam 😊😊

[@aashnaagarwal6815]

is it required by accounting standard to book goods in transit?

[@adarshjain5895]

I don't think so any AS says about that. However in order to keep the Trading account a/c at par we have to record GIT.

[@subhrajit9163]

Can we say Goods in transit A/C ....... Dr
To Purchase A/C