why the loss by fire taking in to the credit side of the
trading a/c.instead of this is company's loss?
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Answer Posted / shrey
The Trading A/c is prepared to show the profit/loss from
trading activities. Goods lost by fire haven't been sold and
aren't in the closing stock either (obviously), but the
corresponding purchase amount has been debited. Therefore,
the cost of goods lost by fire is credited to show the
correct/accurate result from trading activities.
| Is This Answer Correct ? | 13 Yes | 1 No |
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