Goods destroyed by fire is credited to:

CUET Preparation Today

Start Free Mocks

Home Questions S2WMQZVZ7J

Target Exam

CUET

Subject

Accountancy

Chapter

Trial Balance and Rectification of Errors

Question:

Goods destroyed by fire is credited to:

Options:

Trading A/c

Sales A/c

Goods destroyed by fire A/c

Fire A/c

Correct Answer:

Trading A/c

Explanation:

The correct answer is option 1- Trading A/c.

Goods destroyed by fire is credited to trading account as it reduces the stock of the firm.