Type of account
This query is : Resolved
15 April 2012
is purchase account a real account or nominal account???
15 April 2012
Real Account
15 April 2012
it is Real account. One thing purchase account uses for the purpose of purchase of goods those are used for trading(i.e for re-sale(business)).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
15 April 2012
agree with above expert.
16 April 2012
its nominal account as it is a expense and thats y its balance is tranferred to trading account
16 April 2012
Ms. Prakhar Kalani those expenses or incomes which are transferred or charged to Profit & loss accounts comes under nominal account. And when classification of account considering natures of asset or transaction important and for which account or statement charging is ir-relavent.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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