The accounting entries for goods stolen in branch will be...
The accounting entries for goods stolen in branch will be to debit
The accounting entries for goods stolen in branch will be to debit
Branch stock account and credit branch adjustment account
Branch adjustment account and credit profit and loss account
Branch adjustment account and credit branch stock account
Correct answer is A
A branch account is a small part of business account operating with some degree of independence . It maintains its own personal/self accounting entries to determine the profit/loss made by a specific period of time
The accounting entries is to debit profit and loss account and credit branch stock. The profit and loss is debited because the cost of the stolen goods must be charged against the profit for the period to balance the account and the branch stock account is credited because the cost of the goods is out of the branch already.
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