Question

what is the journal entry for furniture destroyed by fire?​plz answer​

Answer 1

Answer:

Explanation:

The journal entry would be as follows:

Loss by fire a/c dr

To goods destroyed by fire a/c

Loss by fire is loss and nominal a/c so debited

Goods destroyed by fire is credited because the goods which we bought for sale were included in purchases and no more benefit can be achieved from that destroyed goods and moreover the goods are gone out of business so credited

✓ In case goods are destroyed by fire and insurance claim is receivable

Answer 2

Answer:

Explanation:

Learn about the journal entry for an insurance claim in the case of fire, theft or more. ... A: This depends on the exact asset/s that were destroyed in the fire and to what extent they were ... Return to the Full Accounting Questions and Answers page. .... Can you please tell me what should be the journal entry for Workers ...