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The treatment of Material lost, destroyed by fire etc. as per contract costing will be-
Debited to Contract Account
Transferred to Profit & loss account
Credited to Contract Account
None of the above
The Contract Account records the material stolen or destroyed – abnormal loss on the credit side and such an amount will be debited in the profit & loss account later on.
By: NIHARIKA WALIA ProfileResourcesReport error
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