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Journal of Loss Due to Duplicate Currency?

Name :: Pooja

Your Country :: india

Question Title: :: journal

Explain your question in detail ::
 A lady buys goods worth Rs 200 from a shop, whose shopkeeper is selling the goods with zero profit. The lady gives him a Rs 1000 note. The shopkeeper gets the change from the next shop, keeps Rs 200 for himself, and returns Rs 800 to the lady. Later the shopkeeper of the next shop comes with the Rs 1000 note saying "duplicate" and takes his money back.

Answer ::

Rs. 1000 is the loss of capital of shopkeeper. Rs. 200 stock will be taken and Rs. 800 cash.  So, he can pass the entry.

Loss of capital due to cheating or Capital Account Debit 1000
Cash Account Credit 800
 Inventory Account Credit 200

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Accounting ! Answers: Journal of Loss Due to Duplicate Currency?
Journal of Loss Due to Duplicate Currency?
Accounting ! Answers
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