loss by theft A/c
to purchases
debit loss of assetcredit fixed asset
[Debit] Goods lost [Credit] Inventory account
Debit loss accountCredit cash / bank
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
debit loss by firecredit purchases
debit loss of assetcredit fixed asset
[Debit] Goods lost [Credit] Inventory account
Debit loss accountCredit cash / bank
Debit cash / bankdebit accumulated depreciationdebit loss (if any)Credit Vehicle accountcredit profit (if any)
Debit cash / bankdebit loss on saleCredit fixed asset
debit loss by firecredit purchases
it s transfer to profit and loss account.
debit loss by firecredit goods inventory
[Debit] Loss on sale of equipment xxxx [Credit] Asset account xxxx
Reserves always created from profit. Therefore the Journal entry will be for creating reserves Dr Profit & Loss A/c CR Reserve A/c
yes,without the knowledge of journal entries one cannot pass journal entry in tally tally focuses on accounting principles(real a/c,personal a/c,nominal a/c) from the beginning of journal entries to the final stage,i.e.,preparation of profit and loss account and balance sheet in an easy manner so that even a lay man can grasp the subject easily.
Debit profit and loss accountCredit owners capital