Question

6000 was stolen from the safe of the firm. (journal entry)​

Answer 1

Answer:

Since , there is loss of cash , we will reduce it.

( As we follow the rule of “Debit what comes in and credit what goes out” in case of Assets )

We will debit the account of “ Loss from Theft”

( As we follow the rule of “ Debit all expenses”)

So the entry will be -

Loss from Theft A/c. Dr. ________6000

To Cash A/c.

Answer 2

The journal entry for Rs 6000 stolen from the save of a firm will be as follows-

• Loss from Theft A/c. Dr _______

X.

To Cash A/c.

______________________X

Since, there is loss of cash, we will reduce it.

(As we follow the rule of "Debit what comes in and credit what goes out " in case of Assets)

we will debit the the account of " loss from Theft "

(As we follow the ruler "Debit all expenses ")

so the entry will be -

• loss from Theft A/c.Dr.

_______6000

To Cash A/c.

_____________6000

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