what will be the accounting treatment of loss due to dublicate note?
is it allowable expenditure under income tax act 1961?
3 Replies
work is worship
(Service)
(2728 Points)
Replied 12 June 2012
HI cant undersand your querry. what is duplicate note.
jean
(article assistant)
(113 Points)
Replied 13 June 2012
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.
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