Urgent query on Purchase & sale return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2010
Some authors (eg TS Grewal)say that Purchase & sale return A/c are real A/cs, some says that both are nominal A/cs. Can someone pls clarify that whichone is correct & Why?
Akshay Chauhan
(Expert)
24 July 2010
Dear Person
How r u?
As you asked for the clarification on the nature of A/cs I would like to tell you that there are 3 types of Accounts as follows:-
1. Personal Accounts : These are those which are related to the owner, any person or any entity having a legal existence, i.e. Mukul's A/c, Tata Tele Services, ICICI Bank (All Banks are Personal A/cs), Reliance Industries etc.,
2. Real Accounts: These are those which have a physical existence but not a person or any legal entity's A/c, i.e. Stock, Machinery, Furniture, Cash, Sales, Purchases etc.,
3. Nominal Accounts: These are those which shows an expense/loss or income/gain from the ordinary course of business, i.e. Salary to Staff, Rent, Electricity, Telephone, etc.
Thus you can make understand yourself that the Purchases A/c and Sales Return A/c are real A/cs.
If you are satisfied with my answer please give a feedback.
How r u?
As you asked for the clarification on the nature of A/cs I would like to tell you that there are 3 types of Accounts as follows:-
1. Personal Accounts : These are those which are related to the owner, any person or any entity having a legal existence, i.e. Mukul's A/c, Tata Tele Services, ICICI Bank (All Banks are Personal A/cs), Reliance Industries etc.,
2. Real Accounts: These are those which have a physical existence but not a person or any legal entity's A/c, i.e. Stock, Machinery, Furniture, Cash, Sales, Purchases etc.,
3. Nominal Accounts: These are those which shows an expense/loss or income/gain from the ordinary course of business, i.e. Salary to Staff, Rent, Electricity, Telephone, etc.
Thus you can make understand yourself that the Purchases A/c and Sales Return A/c are real A/cs.
If you are satisfied with my answer please give a feedback.
Message likes :
1 times
Ca Aashish Upadhyay
(Expert)
25 July 2010
NOMINAL A/c
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Issuing of delivery challan by seller of goods
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
