Goods lost by fire journal entry

1.	Goods lost by fire journal entry
Answer» Answer: Hope this helps. Please follow me and mark as BRAINLIEST. :) Step-by-step explanation: When GOODS are destroyed by fire, then the "Loss by fire A/c" is DEBITED and "PURCHASES A/c" is credited. 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.

Answer»

Answer:

Hope this helps. Please follow me and mark as BRAINLIEST. :)

Step-by-step explanation:

When GOODS are destroyed by fire, then the "Loss by fire A/c" is DEBITED and "PURCHASES A/c" is credited. 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.

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Goods lost by fire journal entry

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