Goods stolen at the branch is debited to

Assessment: WAEC SSCE - Financial Accounting - 2015 (Objective) Subject: Financial Accounting

Question 1 Report

Goods stolen at the branch is debited to

Answer Details
When goods are stolen at a branch, it results in a loss for the company. The appropriate account to debit in this case would be the "Defalcations account" or "Losses account". This account is used to record losses resulting from theft, fraud, or other types of losses that occur within the business. By debiting this account, the company is able to recognize and record the loss in its books of accounts.
Read lesson note on Miscellaneous Accounts (WAEC)
Read lesson note on Branch Accounts (JAMB)
Read lesson note on Accounts Of Not-for-profit Making Organizations (WAEC)
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