Nature of account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 October 2013
as per icai both purchases and sales are real a/c ;then :
which of the following item is an asset:
a)salary paid to manager
b)accounts payable
c)sales
d)debtors
answer is debtors
but also sales can be the answer as per the icai's statement of sales a/c being a real a/c.....
please explai!
which of the following item is an asset:
a)salary paid to manager
b)accounts payable
c)sales
d)debtors
answer is debtors
but also sales can be the answer as per the icai's statement of sales a/c being a real a/c.....
please explai!
06 October 2013
Debit debtors account with value of sales
(increasing a current asset)
Credit sales account with total amount
(increasing income)
Choose credit sales journal if this stock is then
on-sold to customers who will pay later. The
people/organizations here are known as
debtors. Collectively, all these accounts that
are to be paid to us by our customers are
known as assets.
(increasing a current asset)
Credit sales account with total amount
(increasing income)
Choose credit sales journal if this stock is then
on-sold to customers who will pay later. The
people/organizations here are known as
debtors. Collectively, all these accounts that
are to be paid to us by our customers are
known as assets.
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