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Goods destroyed by fire
in 2020 good of a firm was destroyed but firm doesn't know about that they came to know about loss by fire in fy 2021 so In which year this loss is written off
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periodically, inventory is setoff with purchases in the trading accounts. what if the balance sheet doesnt tally? Ive never checked out what it is like. but some how its so easy to understand that you have to reverse the entries
Goods write off dr.
Inventory cr.
How did the balance sheet tally then? OK maybe the value was carried forward without write off.
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