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Loss due to duplicate note

Others 585 views 3 replies

what will be the accounting treatment of loss due to dublicate note?

is it allowable expenditure under income tax act 1961?

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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