Question

Hello!Goods destroyed by fire is which type of A/c?

Answer 1

goods destroyed by fire is loss to the company therefore its nominal account type .

Nominal account - debit all the losses and all expenses of the company

credit all the gains and all the incomes of the company

therefore goods destroyed by fire is nominal account type .. hence its debited in journal entry .

Hope its useful

Answer 2

goods destroyed by fire is loss to the company therefore its nominal account type .

Nominal account - debit all the losses and all expenses of the company

credit all the gains and all the incomes of the company

therefore goods destroyed by fire is nominal account type .. hence its debited in journal entry .

Hope its useful