Question

describe abnormal loss, state the formula, journal entries in case of abnormal loss​

Answer 1

$\huge \rm \red{answer}$

Abnormal Loss. The meaning of abnormal loss is any accidental loss to the consigned goods or loss caused by carelessness. Examples of such losses are loss by theft or loss by fire, earthquake, flood, accidents, war, loss in transit, etc. Such losses are considered abnormal.

Answer 2

Answer:

1.An abnormal loss refers to a situation where a business or firm is making profits below the normal limits. In an abnormal loss situation the total revenue of a business does not cover total cost incurred for the business.

2.Formula - Definition with Examples

The formula is a fact or a rule written with mathematical symbols. It usually connects two or more quantities with an equal to sign. When you know the value of one quantity, you can find the value of the other using the formula.

I don't know the third one sorry