Hi guys and gals...
I am currently using Sage Line 50 Financial Controller.
All purchases and put in a nominal code (5000 - Materials purchased)
after a unfortunate event £XXX of goods were stolen from our warehouse.
My question is how do i treat this journal??
Am i right to say:
PURCHASES
CR MATERIALS PURCHASED (nominal 5000) - £XXX
DR STOLEN GOODS (new nominal within purchases) - £XXX
If this is correct dont the two contour each other out and have a nil effect on the P&L?
surely if goods are stolen the P&L should be effected??
I am currently using Sage Line 50 Financial Controller.
All purchases and put in a nominal code (5000 - Materials purchased)
after a unfortunate event £XXX of goods were stolen from our warehouse.
My question is how do i treat this journal??
Am i right to say:
PURCHASES
CR MATERIALS PURCHASED (nominal 5000) - £XXX
DR STOLEN GOODS (new nominal within purchases) - £XXX
If this is correct dont the two contour each other out and have a nil effect on the P&L?
surely if goods are stolen the P&L should be effected??