The journal entry for goods destroyed through fire

• Debit the amount of goods destroyed to the Loss by Fire account

• Credit the amount of goods destroyed to the Inventory account

• If insurance is involved, ...read more

Loss by fire A/c is debited And Purchase A/c is Credited.

Loss by fire A/c ....dr

to Purchadse A/c

Loss by fire.... Dr

   To purchase. 

Loss by fire A/c                              Dr.

       To purchase A/c

Loss by fire A/c                       Dr.

          To purchase A/c

loss by fire A/c                   Dr.

    To Purchase A/c

loss by fire A/c dr....

To Profit & loss A/c

Goods destroyed by fire a/c    dr 

To profit and loss a/c

Goods destroyed by fire a/c

Loss by fire A/C  .Dr 

To goods destroy by fire(purchase )

Goods destroyed by fire is an abnormal loss the Loss by fire A/c (Indirect expenses) Dr. To Purchases A/c. If you have a claim, this loss will be reduced , and you'll have an asset for Insurance claim...read more

Profit and loss a/c......dr

To loss by fire a/c

Profit and loss a/c......dr. 

To good destroy by fire a/c

Loss By Fire A/C Dr

 To Party A/C Cr

Goods destroy fire ac Dr 

To profit and loss account

Loss by fire a/c dr

To goods destroyed by fire a/c

Goods lost by fire A/C ........Dr 

   To purchase A/C

Destroyed by fire a/c Dr.

      To Bank a/c Cr.

Loss by fire A/C Dr

    To purchases

Insurance claims  Dr

To Goods / raw material b

The journal entry would be as

Loss by fire a/c dr.

To purchase account

Abnormal loss

loss by fire goods a/c.....dr

To purchase a/c

Lost of fire good Dr

To purchase a/c

Loss by fire a/c dr

    To purchase a/c

Loss by fire a/c Dr.

  To purchase a/c

GOODS A/C DR TO PROFIT AND LOSS A/C

Profit and loss account 

Loss by fire account debit, good account credit

Fire and goods loss a/c Dr 

To profit and loss a/c