Type of account

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Prakhar Kalani

Prakhar Kalani (Querist)

15 April 2012 is purchase account a real account or nominal account???

VIVEK SHARMA

VIVEK SHARMA (Expert)

15 April 2012 Real Account

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)

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)

15 April 2012 agree with above expert.

Prakhar Kalani

Prakhar Kalani (Querist)

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)

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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