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 Posted / 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)
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