Question
‘Goods in transit’ sent from Head Office are shown
in the balance sheet at –ÂSolution
In Head Office–Branch accounting, when goods have been sent by the Head Office but have not yet been received by the Branch, they are treated as Goods in Transit. Where are they shown in the Balance Sheet? • They belong to the Head Office, because the goods are still with the Head Office until the Branch receives them. • Therefore, they are shown as an asset in the Head Office books under current assets.
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Passage
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