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

Answers were Sorted based on User's Feedback



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

Answer / guest

furniture is effect asset side isto deduted old furniture

Is This Answer Correct ?    11 Yes 3 No

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)

Is This Answer Correct ?    3 Yes 1 No

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 )

Is This Answer Correct ?    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

Is This Answer Correct ?    2 Yes 2 No

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

Answer / geetanjali

debit side. coz its a loss

Is This Answer Correct ?    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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