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
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Accounting
Replies (2)
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
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