Question

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

Answer 1

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.

Answer 2

hy user



Here's ur answer



As the cash is stolen so it is a expense for us so it is debited.

Loss by theft A/c Dr. _____

To cash A/c _____

( Cash stolen)