Nature of accounts
This query is : Open
12 September 2010
AS PER THE ICAI STUDY MATERIAL OF CPT COURSE SALES IS CONSIDER AS NOMINAL A/C AND SALES RETURN IS CONSIDER AS REAL A/C. HOW IS IT IS POSSIBLE? AS COMPARE TO THE LAST QUESTION ICAI POINT OF VIEW THE CORRECT OPTION IS SALES RETURN A/C.REMAINING ITEMS ARE GENERALLY INVOLVED IN THE NOMINAL A/C. SO THE ODD ONE OUT IS SALES RETURN A/C.
13 September 2010
Nominal accounts are those which represents expense,losses,incomes,gains.Real accounts represents assets.Accordingly both sales and sales return accounts will be nominal.
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