Question

stock on the date of fire should be​

Answer 1

Answer:

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Answer 2

Answer:

Journal entry for stock on the date for fire is

Loss by fire A/C        Dr.                     xxx

          To purchases A/C                                  xxx

Explanation: Stock destroy by fire is the loss for the company therefore, it is classified in nominal a/c.

Rule of nominal account is all expenses and losses are debited and

                                             all income and profit are credited.

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