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What will be the journal entry for good lost by fire. How
many entries will be passed in the books of account for the
same.
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Answer / anjum a
Loss By Fire A/C Dr.
To Purchase A/c
(Being goods lost due to Fire)
At the end of the year the loss will be transferred to Profit & Loss A/c,that time the following entry will be passed :-
Profit & Loss A/c Dr.
To Loss By Fire A/c
(Being loss by fire transferred to P&L A/C)
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / manoj mishra
Loss by Fire A/c --Dr
To Purchase A/C
P&L A/C ----Dr.
To Loss by Fire A/C.
If the goods is insure and claim is received in part.
Cash A/C ----Dr.
To Insurance Com. A/C
Insurance Com. A/C---- Dr.
Loss on Claim A/C ----Dr.
To Loss by Fire A/C
P&L A/C ----Dr.
To Loss by Claim A/C
| Is This Answer Correct ? | 8 Yes | 9 No |
Answer / tushar
Loss by fire A/C. Dr
To Goods Destroyed by fire A/C
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / anil
Claim receivable A/c Dr. XX
Loss by fire A/c Dr. XX
To Loss of Goods A/c XX
| Is This Answer Correct ? | 0 Yes | 1 No |
Answer / kiran negi
Debit Stock A/c
To Credit Goods lost by fire A/c
| Is This Answer Correct ? | 4 Yes | 18 No |
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