Hello,
I seem to be getting confused with cash in transit/goods in transit questions.Please can someone help with an easier way to recording these transactions?
I am looking at the below excerpts from question for example:
pedantic sophistic
current assets 16000 6600
current liabilities 8200 4700
Sophistic’s trade receivables at 30 September 2008 include $600,000 due from Pedantic which did not agree
with Pedantic’s corresponding trade payable. This was due to cash in transit of $200,000 from Pedantic to
Sophistic. Both companies have positive bank balances.
Thanks
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cash in transit/goods in transit question
7y ago#1Hi,
What bit is causing you confusion? How have you been answering it previously? If you give me a bit more detail I will help but I'm reluctant to just answer the entire question when you have the answer in front of you. Throw me over the specifics and I'll happily help.
Thanks
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