Missing / Stolen Money - Accounting Treatment

Hi All

Wonder if anyone can help?

Just received the accounts from the accountantat my local club's AGM  (and although advertised as MAAT MIP, isn't actual on the AAT MIP Directory!). There was some money missing during the year, but the missing money has been included in the purchases / cost of goods sold figure on the P+L. Is this the correct treatment?

I also think as the missing money was taken directly from the till from the takings, the VAT man will still want his cut. However, I am told this is not the case..

Any advice is much appreciated.

 

Kind Regards

John

 

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If the loss of the money has

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