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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 / praveenkumar oswal
when loss goods by fire
1)loss by fire a/c .......dr 10000 -
to purchases a/c - 10000
2) Insurance company a/c .....dr 7000
to Loss by fire - 7000
3) bank a/c .............dr 7000 -
to insurance company - 7000
4) p&l a/c .....dr 3000 -
to loss by fire - 3000
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