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.
Answers were Sorted based on User's Feedback
Answer / 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)
Is This Answer Correct ? | 2 Yes | 3 No |
Answer / manoj mishra
Loss by Fire A/c --Dr
To Purchase A/C
P&L A/C ----Dr.
To Loss by Fire A/C.
If the goods is insure and claim is received in part.
Cash A/C ----Dr.
To Insurance Com. A/C
Insurance Com. A/C---- Dr.
Loss on Claim A/C ----Dr.
To Loss by Fire A/C
P&L A/C ----Dr.
To Loss by Claim A/C
Is This Answer Correct ? | 8 Yes | 9 No |
Answer / tushar
Loss by fire A/C. Dr
To Goods Destroyed by fire A/C
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / anil
Claim receivable A/c Dr. XX
Loss by fire A/c Dr. XX
To Loss of Goods A/c XX
Is This Answer Correct ? | 0 Yes | 1 No |
Answer / kiran negi
Debit Stock A/c
To Credit Goods lost by fire A/c
Is This Answer Correct ? | 4 Yes | 18 No |
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