Branch Accounting


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Hi everyone!!! How do I account for an uninsured stolen goods and cash and also, how do I account for an insured stolen goods and cash in branch accounting?
 
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kirby

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For the uninsured, credit the goods and cash accounts and debit loss.
For the insured, same credit as above. Debit insurance receivable up to the amount of the coverage limit. Record loss for any loss over the insurance limit.
 

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