In reconciling the branch and head office accounts, remit...
In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a_____________
Debit entry
Contra entry
Credit entry
Reversal entry
Correct answer is A
A contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account
When cash is remitted from the branch
Dr Bank account
Cr Branch account
Or
Dr Remittance from bank
Cr Remittance from branch
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