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.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
