Question

goods lost by fire is credited to which account ​

Answer 1

Answer:

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.

Answer 2

Answer:

Goods lost by fire is credited to________