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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 / atharva ruplag
the journal entry will be
Profit and loss A/c............Dr
To Trading A/c / Purchases A/c
Reference from 12 std HSC Book-keeping and Accountancy Text book
2 effects in final accounts
1st effect - P & L A/c - Debit side
2nd effect - Trading account Credit side
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