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Question
Goods costing Rs.10,000 destroyed by fire should be credited to
Goods costing Rs.10,000 destroyed by fire should be credited to
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Solution
The correct option is C Purchase Account
Journal Entry :Loss by Fire A/c Dr. 10000 To Purchase A/c 10000( Being goods destroyed by fire)
Loss by Fire A/c is to be credited in Purchase A/c.
Journal Entry :
Loss by Fire A/c Dr. 10000
To Purchase A/c 10000
( Being goods destroyed by fire)
Loss by Fire A/c is to be credited in Purchase A/c.
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