Accountancy, asked by nigpj648, 1 year ago

Why goods destroyed by fire is recorded in trading account credit side?

Answers

Answered by twosword

Hey goods destroyed by fire are not recorded on the credit side of the trading account because it is a loss to the firm.

Answered by nrmltmg99

No. Its shown in credit side just to reduce the purchase. You can also record in debit side but you must deduct that loss from purchase. So, its purpose is same in both side

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