Quary related to purchase a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 December 2014
IS PURCHASE ACCOUNT IS PERSONAL OR NOMINAL ACCOUNT IN MY KNOWLEDGE PURCHASE REPRESENT THOSE GOODS WHICH ARE FOR RESALE PURPOSE SO I
TREAT IT AS A REAL ACCOUNT IS IT TRUE...
TREAT IT AS A REAL ACCOUNT IS IT TRUE...
04 December 2014
real accounts are those accounts which are onwers either assets or liabilities eg building etc
nominal accounts are those which are neither personal nor real and its accounts is closed and transfered to either profit and loss a/c or trading a/c.
purchases means for watever use of business is nominal account only and not real.
nominal accounts are those which are neither personal nor real and its accounts is closed and transfered to either profit and loss a/c or trading a/c.
purchases means for watever use of business is nominal account only and not real.
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