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Fire in stock

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(Querist)
29 June 2012 What entry will be done for Fire In stock.

Closing stock will be net of loss.

Now,
whether we have to reduce puchase or we have to show loss by fire in debit and loss by fire in credit.

What is the accurate entry?

thanks.
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CA Hardik Bunha

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CA Hardik Bunha (Expert)
29 June 2012 Loss due to fire A/c DR.
to stock A/C
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