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cash in transit

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › cash in transit

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  • September 25, 2018 at 7:23 pm #475719
    sianga90
    Participant
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    How do you adjust for cash in transit when preparing consolidated SFP?

    September 25, 2018 at 8:11 pm #475730
    P2-D2
    Keymaster
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    Hi,

    You treat it like the normal cash receipt from a credit customer. So you would DR Bank CR Receivable.

    Once you’ve done this the receivable and payable balance should be equal and so you can then eliminate them on consolidation.

    Thanks

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