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Abnormal loss of goods a/c dr.
To purchases a/c
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∙ 12y ago
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What is the journal entry of Goods lost by fire Rs 4000?
debit goods lost by fire 4000credit goods inventory 4000
What is the journal entry for goods lost in fire?
debit loss by firecredit purchases
What will be the journal entry for good lost by fire How?
debit loss by firecredit goods inventory
What is the journal entry for destroyed goods if it is not mentioned that loss is by fire or theft?
[Debit] Goods lost [Credit] Inventory account
What is theJournal Entry for goods lost in transit?
Dr goods lost in transit a/c Cr purchase a/c
What is journal entry if fixed assets lost by theft?
debit loss of assetcredit fixed asset
What is the journal entry to write off an asset was damage or lost?
debit loss of assetscredit fixed asset account
What is journal entry for Cash embezzled by an employee 1000?
Lost by theft drEmbazzeled cash drTo cash account
What is the accounting treatment for insurance claim for goods lost by fire?
Treatment of goods lost by fire etc. and insurance claim thereof :--Goods worth Rs. 10,000 lost by fire. Insurance claim is yet to be received for Rs. 6000.In this circumstance, goods worth Rs.10,000 (which is lost by fire) is to be credited in trading account separately ( not to be clubbed with closing stock).Then since Rs.6000/- is to be received by insurance claim. (so we are not received ,we have to receive)so this should be posted at asset side of the balance sheetRs.4000/- to be debited in profit loss account.(Because its a loss)
What is the journal entry for lost of fixed assets?
debit loss of assetcredit fixed asset account
Who lost her Home to a fire?
who lost her home in a fire
Why the trial balance may not balance?
Answer:The purpose of the trial balance is (historically) to verify if any errors were made with posting the journal entries to the ledger. Every journal entry makes debits and credits to (at least) two T-accounts, where the total of the debit and credit amounts need to be equal. The journal entry is posted to the journal, and the T-accounts affected are updated in the ledger. The trial balance is a list of all T-accounts and their balances. As the underlying journal entries need to balance out (total debits equal total credits), the balances of the trial balance also need to balance. If this is not the case, it means that an error has been made. It means that some journal entry has been entered into the ledger which did not balance.With computerized bookkeeping, this purpose (checking for errors) has been lost (at least for the user, the software may still use the trial balance to check for consistency).
