Question

goods stolen journal entry​

Answer 1

Answer:

Loss by theft A/c        ...Dr

        To Purchases A/c

Explanation:

1. Meaning- Goods were stolen, so it will reduce the stock .i.e. purchases.   Effect- Purchases are assets for a business, they decreased in this case so purchases will be credited.

2. Meaning- Goods stolen is also a loss for the business.

Effect- Loss suffered by the business will be debited.

[ NOTE: This entry may also involve insurance but not mentioned above ]

Answer 2

Journal Entry

Explanation:

                            Book of (----Limited)

                                 Journal entry

Date    Account Title and Explanation       Debit  Credit

            Loss by theft         A/c Dr.                  xxx

            To Purchase                       A\c                       xxx

                        (Being goods stolen from stock)

Explanation: Goods stolen from stock will be deducted from the purchase account.  

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