what will be the accounting treatment of loss due to dublicate note?
is it allowable expenditure under income tax act 1961?
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Loss due to duplicate note
Replies (3)
HI cant undersand your querry. what is duplicate note.
duplicate note means in hindi "fargi currency note" or counterfeited note or bla...bla
actually a company has a retail shop, it sells fruits in cash. during the deposite of cash, the bank found some of the 1000 rs note were duplicate. there is no possible way to trace out from where the cash was received so being ultimate loss to company. so what will be the accounting treatment in this regard and will it be allowble as per IT Act1961.
is there any one to help ?
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