journal of goods worth rs3000 were destroyed by fire
Answers
Answered by
5
Loss of Goods : Journal Entry
It may sometimes so happen that goods are lost or damaged due to some abnormal circumstances such as Accident, Fire, Flood, Earthquake etc. Such losses are called Abnormal losses. The following journal entry is passed for such losses :-
Loss by Accident (Fire) A/c. Dr. 3,000
To Purchases A/c. 3,000
(Being Goods lost or destroyed by fire).
It may sometimes so happen that goods are lost or damaged due to some abnormal circumstances such as Accident, Fire, Flood, Earthquake etc. Such losses are called Abnormal losses. The following journal entry is passed for such losses :-
Loss by Accident (Fire) A/c. Dr. 3,000
To Purchases A/c. 3,000
(Being Goods lost or destroyed by fire).
Similar questions