Type of account

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Prakhar Kalani

Prakhar Kalani (Querist)
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15 April 2012 is purchase account a real account or nominal account???

VIVEK SHARMA

VIVEK SHARMA (Expert)
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15 April 2012 Real Account

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

CA PRAVEEN SINGH

CA PRAVEEN SINGH (Expert)
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15 April 2012 agree with above expert.

Prakhar Kalani

Prakhar Kalani (Querist)
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16 April 2012 its nominal account as it is a expense and thats y its balance is tranferred to trading account

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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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

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