Journal entries of cash in transit

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December 13, 2017 at 11:43 am #422919
aizad5496
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Hi,
Im not sure about the journal entries of this statement:
The difference in the current accounts is due to inventories (at cost) sent by Sing to Dance which is still in transit.

Recorded in Sing – Current account ( sing) = 30 current liabilities
Recorded in Dance – current account (dance) = 35 current assets

Inventories of sing = 200
Inventories of dance = 59

Sing is parent company
Dance is subdiary company
December 13, 2017 at 12:34 pm #422938
Chris
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Debit Dance inventory 5
Credit Dance current assets 5
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