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Furniture is Destroyed in Fire ??
Where it will effect in Balance sheet ??
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Answer / guest
furniture is effect asset side isto deduted old furniture
| Is This Answer Correct ? | 11 Yes | 3 No |
Answer / syed rizwan ahmed
Debit "Exp. & Revenue Summary A/c
Credit "Furniture A/c"
Effect on Balance Sheet
Fixed Assets decreases (Assets Side)
Retained Earning decreases (Liabilities Side)
| Is This Answer Correct ? | 3 Yes | 1 No |
Answer / jeevan kamble
there should be 2 effects!
1. P&L A/C debit site
2. asset side (less from furniture )
| Is This Answer Correct ? | 2 Yes | 0 No |
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