Accounting

SIR
IN THE FY 2010-11 FROM A SHOP UNINSURED STOCK WORTH 5 LACKS WERE STOLEN BY THEFT.POLICE CAUGHT THE THIEVES AND RECOVERED ONLY 250000/- IN FY 2011-12,ONLY AND CASE CLOSED.
WHAT TYPE OF JOURNAL ENTRIES
WHAT TYPE OF ACCOUNT HEADS I HAVE TO CREATE in fy 2010-11 and in 2011-12 .PLEASE explain in detatail SIR

Dear

here is following entries to be made

during the yeat

2010/11

loss by theft             dr   500000

 to stock                                                         cr 500000

2011/11

stock                       dr   250000

 to loss by theft                                        cr 250000