Cash remitted by branch but not received by the head ofc is debited by the head office to
Answers
Explanation:
द कोऑपरेटिव सोसायटी हाउ टू प्रिपेयर द फॉलोइंग फाइनेंशियल स्टेटमेंट एवरी ईयर
Cash remitted by branch but not received by the head office is debited by the head office to?
A. goods in transit
B. cash in transit
C. branch account
D. head office account
The correct answer is :
B. cash in transit
Explanation :
Cash remitted by branch but not received by the head office is debited by the head office to __cash in transit__
Cash in transit refers to the physical transfer of any cash or valuables from one place to another. Cash in transit is the transfer of physical money or valuables in physical form from a financial center to its branches. It is a process used by financial institutions.
Cash in transit is most prevalent in the banking business, when the bank has to do physical transfer of funds from its main branch to various branches and ATMs etc. For this work, he also takes the help of private companies.
When cash is remitted by a branch but not received by the head office, it is debited to the cash-in-transit account by the head office.
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