Assessess trading for jewellery business cash amount rs:15 lacs and jewellery value rs:10 lacs theft f.y.23-24
Question:
Assessess theft cash and jewellery account treatment and net profit added cash and jewellery value f.y.23-24
Theft of stock will be reflected in closing stock and hence its automatically adjusted in loss.
Theft of cash can be claimed as expense.
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