Accountancy

Sum remitted by head office to branch or vice-versa remaining in transit on the closing date. What will be the adjusting entry for it?

1
Cash Account                                                                             Dr.
                               To Branch Account
2
Cash in Transit Account                                                              Dr.
                                To Branch Account
3
Cash in Transit Account                                                             Dr.
                             To Head office Account
4
None of them

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