good burnt by fire account it is debit or credit balance .
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good burnt by fire account it is debit or credit balance
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credit balance , hope it is helpful
Explanation:
The goods destroyed by fire is considered to be loss for the business and is classified as a nominal account. Therefore, according to the rule of nominal account, all the expenses and losses are to be debited. Hence, "Loss by fire A/c" is debited when goods are destroyed by fire and "purchases A/c" is credited.
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