If goods are destroyed by fire, what is the journal entry?

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