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...

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

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