Question

loss oF fire material is Debited 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

Loss by fire is debited to profit and loss a/c.

Explanation:

As the loss of material by fire is a revenue loss not a capital loss, some business man also took insurance policy for their stock because major proportion of their operation deals in stock , so the insurance claim will be  credited to trading account. you can also open loss by fire a/c to show the loss separately in the accounts.

so according to your question the loss of material by fire will be debited to profit and loss a/c because its a revenue generating activity , so its loss also get debited to it .  

journal entry -

profit and loss a/c        Dr.

     To loss by fire a/c.