LOSS OF GOODS & CASH

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tarunjjain (Querist)
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06 September 2010 MY CLINET DEALING IN GOLD JEWELELRY. ONE DAY HE LOST JEWELLERY WORTH RS. 32 LACS AND 57 LAC CASH.AFTER SOME DAY HE RECEIVED BACK GOLD WORTH OF RS. 22 LAC AND CASH RS. 25 LAC WITH THE HELP OF POLICE.

WHAT WILL BE THE ENTRY FOR LOST JEWELLRY AND CASH IN BOOKS OF ACCOUNT.

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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06 September 2010 The entry will be for the actual amount of goods and cash lost namely 10 lcas for gold and 32 lacs for cash.

Debit stock lost (exps) and credit inventory.
Debit cash lost (exps) and credit cash.

Hope query is resolved. If not, pls revert.