Question

trading and profit and loss A/c,B/c,Goods in Transit​

Answer 1

Explanation:

Goods-in-Transit means Material has been dispatched by

Supplier but not received by us this entry is important when

book to be closed on 31st, March

When Goods in Transit (Matching Concept)

Goods-in -Transit A/c --------Dr. (Current Assets)

To Purchase A/c --------- Cr.

Answer 2

wrong answer ❎❎

hope it help you dear

its yogita