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why the loss by fire taking in to the credit side of the
trading a/c.instead of this is company's loss?
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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 |
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