What accounting entry should be passed in tally

This query is : Resolved

CA Abhishek Singh (Querist)
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15 January 2011 opning balance of cash in hand is overstated by Rs.5000/-(L.Y. cl. bal).
reason is cash embezzeled by the accountant and cannot be claimed now.

what entry should be passed and also it
should be passed in payment mode or not.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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15 January 2011 It need to be passed as Dr: Abnormal loss thorugh payment entry

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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15 January 2011 Loss by Theft Dr...
To Cash

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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15 January 2011 Both the above entries can be passed.

More Suitable
----------------

Since the loss is belonging to previous year hence :

Profit & Loss A/c Adjustment A/c Dr. 5000

To Cash A/c

It is a prior period item hence care to be taken while finalising the books.

Note :
------

Care should also be taken of New Accountant !

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