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Dear tutor, what is double entry when part of the inventory are burnt due to fire?
The basic entry is (as I show in my free lectures) to enter the actual inventory remaining as the year end adjustment at the end of the financial period. So no special separate entry relating to the fire.
It really depends on why you are asking this question because we may well make an adjustment to correct the gross profit and net profit figures.
If you type out the specific question that is giving you cause to make this post then I will be able to answer you better.
Have you watched my free lectures on inventory (and on margins and mark-ups)?
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