19 September 2011
DEAR SIR, AN AMOUNT OF Rs. 5,33,158.15(INCLUDING VAT OF 14.5%)WORTH STOCK WAS STOLEN FROM SHOP ON 19.09.2010(FY 2010-11). FOR THIS POLICE WERE RECOVERED THE AMOUNT Rs. 2,75,000.00 AND GIVEN A CHEQUE ON 15.06.2011(FY 2011-12) HOW I ACCOUNT (WHAT TYPE OF ENTRIES I HAVE TO CREATE) FOR THE SAME IN PROFIT &LOSS ACCOUNT AND BALANCE SHEET FOR THE FY 2010-11. PLEASE GIVE ME THE REPLY
19 September 2011
Pass entry for stock stolen as loss to the entity ans than record the amount of receipt as credit towards such loss of stock in accounts.
CAclubindia
