Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(3293 Points)
Replied 26 September 2021
yes. You can show it. The loss of stock should be valued at cost and not at market price. 2. The closing stock should be valued at cost after the considering the loss i.e. the closing figure should be net of loss.
Debit loss by theft; credit cash. Debit: Profit & Loss Account, Credit: Cash in Hand or Pretty Cash. The nature of debit is considered as expense & the nature of credit is known as Asset. Expense increase & Asset Decreased.
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