Accountancy, asked by gurpyarsingh28pd3fno, 1 year ago

goods destroyed by fire accounting equation

Answers

Answered by casy206
48
it would be subtracted from stock and capital.

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Answered by vchilongo
18

In this case of fire destroying the goods both the stock and the capital of the business will be affected negatively, depending with the cost of goods the stock account will be credited and also the capital account will be credited this is a loss to the company and no account has to be debited since the goods were destroyed by the fire

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