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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Itr 1 processing
- Reporting Income under Section 44ADA
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- Bank Accounts in Balance Sheet for ITR 3
- ITR 1: Details for showing Exempt Income
- TDS ON CASH WITHDRAWALS...
- Article ship defecit
- Query regarding TDS on EPFO Higher Pension Arrears*
- Annual return of gst limit
- Post Office RD Interest
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
