stock in transit- accounting treatment

[krebs38]

hi,
i had a query relating to the stock in transit treatment in statement of COGS.
should we deduct the stock in transit along with the raw material closing stock, while making the COGS statement or not.
also what is the right treatment of recording sto k in transit, whether to record in the purchases or to record it seperately????
reply ASAP.

Regards,

krebs38

[krebs38]

62 people visted the thread but no one in this forum knows about the treatment????? amazing, anyways i've a suggestion for all the members for this forum, especially who wrote ACA or FCA after their names, why not to return their certifactes to institute (when you have no knowledge, then why to hold a piece of paper-ertificate).

regards,

krebs38

[Spectrum]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by krebs38</i>
<br />hi,
i had a query relating to the stock in transit treatment in statement of COGS.
should we deduct the stock in transit along with the raw material closing stock, while making the COGS statement or not.
also what is the right treatment of recording sto k in transit, whether to record in the purchases or to record it seperately????
reply ASAP.

Regards,

krebs38
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Cool down dear[8D].
Stock in transit should be treated as closing stock in the statement of COGS.
Please remember that this is a public forum & no one is obliged to response to your query, probably those might not have gone through your query yet, to whom you consider professionals.

keep contributing at the forum, keep questioning.
we are your's.
[)]

[Dard]

LøL, i agree with krebs. Out of those 62 atleast one must have been a professional

[sensible]

salam,

well spectrum is right, i also wanna add something

if you have both opening and closing stock in transit, then op.st in transit shud b subtracted from closing stock and conversly cl.st in transit shud b added in closing stock,


regards,
asma