why the loss by fire taking in to the credit side of the
trading a/c.instead of this is company's loss?
- 3 Answers
- 11422 Views
- I also Faced
- E-Mail Answers
Answer Posted / shruti agarwal
Loss by fire is shown in the credit side of the trading
account to reduce the balance of goods purchased by the
cost price. Since it is a loss to the company the loss
figure is also debited to the profit and loss account. The
purpose of crediting it in the trading account is to reduce
the purchases, because such goods are neither sold nor they
are in the stock.
| Is This Answer Correct ? | 16 Yes | 3 No |
Post New Answer View All Answers
Cost center 60500 in controlling area 1000 is locked for revenue postings on 31.03.2008.Now How can I Assign the account to another cost center or allow cost center 60500 to again accept revenue postings.
what is balance sheet, capital budgeting, financial statements, current ratio, profit maximization?
what is account & what is finance
what are Blue-Chip companies?
What is Summarising
What goals do you have in your career
cash sales and credit sales both are asset or liability?
Expand-------IETF
why cost center is assign to gl account in sap
What is outsider equity and time interest period ratio?
Mention some of the major contributions made by you in your present and previous jobs
What is the Formula For Return on Working Capital
I want to know that if i get call from Mumbai Circle in SBI. what does it mean where will be my posting and my job profile, will i get accomodation from bank or not.
Short Answer on _____________Revenue Budget
what is pre post expenses
