Raw Material totally loss by fire in out factory
what is the entry with heads
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Accounting Entry
Replies (3)
Dr Loss by fire account by Cr purshase account n trf loss to P & L on finalization
Ya, Anurag is right..
DO AS GUIDED BY ANURAG. FURTHER IF U MAKE OR RECEIVE ANY INSURANCE CLAIM THEN DEBIT IT AND CREDIT THE CORRESPONDING AMT. TO LOSS BY FIRE A/C AND THEN TRANSFER THE REMAINING LOSS TO P/L A/C.
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