nature of accounts
This query is : Resolved
MANJOT SINGH
(Querist)
17 September 2010
sir i would asked this question further but solution is not delivered to me my question is that according to icai sales return a/c is real a/c but your intelliency this nominal a/c.which becomes true.
shakuntala chhangani
(Expert)
21 September 2010
Hi Manjot, as purchase and sales acs are real A/cs (being goods), purchase return and sales return a/cs are also real a/c. Just to understand the nature of transaction and its presentation in financial statements, different names are given. But it will not change nature of goods. when goods come in, A/c will get debited (purchase/sales return) when it goes out, a/c will get credited (sales/ purchase return). It is real A/c.
Regards, CA Shakuntala Chhangani
Regards, CA Shakuntala Chhangani
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