Old typewriter of Rs1000 in stolen. journal entry
Answers
Explanation:
since theft of goods is a loss to the organisation , so loss by theft a/c is debited .Also, stock purchased for sales were debited in Purchases a/c at the time of purchases ,now since this stock not available for sale, so expence of purchases has to be redused ,that is why Purchases a/c is credited
Answer: In accounting, a journal entry is used to record financial transactions in a company's books of accounts. The journal entry for a theft of an old typewriter worth Rs. 1000 would be as follows:
Debit: Loss or Expense Account (e.g. Theft Loss) Rs. 1000
Credit: Cash/Bank Account Rs. 1000
This journal entry records the loss of the old typewriter as an expense in the company's books of accounts and reduces the company's cash or bank balance by the same amount.
Learn more about journal entries here
https://brainly.in/question/14316806
Learn more about financial transactions here
https://brainly.in/question/363350
#SPJ3