Question

How should goods-in-transit be disclosed in inventories?

a.

They should not be disclosed separately.

b.

They should be classified as stock-in-trade.

c.

They should be disclosed under the relevant sub-head of inventories.

d.

They should be disclosed as finished goods.

Posted under IC 89 Management Accounting

Answer: (c).They should be disclosed under the relevant sub-head of inventories. Explanation:Goods-in-transit should be disclosed under the relevant sub-head of inventories.

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Q. How should goods-in-transit be disclosed in inventories?
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