Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??

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Furniture is Destroyed in Fire ??
Where it will effect in Balance sheet ??

Question Posted / sarvpreet

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Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??..

Answer / guest

furniture is effect asset side isto deduted old furniture

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11 Yes

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Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??..

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)

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3 Yes

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Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??..

Answer / jeevan kamble

there should be 2 effects!
1. P&L A/C debit site
2. asset side (less from furniture )

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2 Yes

0 No

Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??..

Answer / gnaneshwar

it will be shown in asset side

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2 Yes

2 No

Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??..

Answer / geetanjali

debit side. coz its a loss

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0 Yes

0 No

Furniture is Destroyed in Fire ?? Where it will effect in Balance sheet ??..

Answer / shweta.naik

it asset side

Is This Answer Correct ?

1 Yes

2 No

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