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 Goods destroyed by fire should be credited to 
  • a)
    Purchase account 
  • b)
    Sales account 
  • c)
    Goods lost by fire account 
  • d)
    Cash account 
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Goods destroyed by fire should be credited toa)Purchase accountb)Sales...
When goods are destroyed by fire, then the "Loss by fire A/c" is debited and "Purchases A/c" is credited. The goods destroyed by fire is considered to be loss for the business and is classified as a nominal account. Therefore, according to the rule of nominal account, all the expenses and losses are to be debited.
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Goods destroyed by fire should be credited toa)Purchase accountb)Sales accountc)Goods lost by fire accountd)Cash accountCorrect answer is option 'A'. Can you explain this answer?
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