theft of stock
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help<BR>if there is a question about stolen stock do we record the actual stock figure (after theft) or figure stock would have been before theft and then record theft as an expense in p &l
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theft of stock
Actual value of remaining stock and treat the theft as a loss (unless insured when show it as a debtor item - ie teh insurance company). Would be very suprised should thiscome up though<BR><BR>Graham Blott0 -
theft of stock
Balance sheet would show the Actual value of stock, the loss would be in the profit and loss account.<BR>Dont forget that if there is to be a payment from an insurance company then this amount should be in the balance sheet0 -
theft of stock
Following on.....<BR>Does the lost/stolen stock get debited from purchases - like drawings or does it go as an expense along with all other expenses at the bottom of the p & l account.<BR>Also if we are expecting the money back from the insurance company it would be an asset on the balance sheet??????<BR><BR>Thank you.<BR><BR>Good luck for today0