1.

What is the journal entry for cash stolen from cash box?

Answer»

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.

If you have an account which is already open for such type of losses then you have to debit such KIND of account.



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