Question

pass the journal entry...1.goods lost by railway transit ₹50000,and goods lost by fire ₹ 30000​

Answer 1

Answer:

loss of good by thefta/c dr50000

loss of good by fire a/c dr 30000

to purchase a/c 80000

(being goods lost by theft and fire)

hope it helps u......^_^

Answer 2

               Journal Entries

Goods lost by fire  A/C DR  30,000

Goods lost by railway transit A/C DR 50,000

                         To Purchase A/C 80,000

( Being goods lost by fire as well as railway transit)

• Goods are firms' assets as a business entity deals with them.
• When they are destroyed or lost it is a loss to the organization.
• So loss is debited and purchase is credited with the same amount.