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cash in transit/goods in transit question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › cash in transit/goods in transit question

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • November 19, 2018 at 3:41 pm #485246
    fadeya
    Participant
    • Topics: 6
    • Replies: 8
    • ☆

    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

    November 19, 2018 at 9:20 pm #485278
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7163
    • ☆☆☆☆☆

    Hi,

    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

  • Author
    Posts
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