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Accounts

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intermediate
80 Points Posted on 13 July 2016
Is Purchase Account is a Real Account Or Nominal Account ? I think it's nominal account but the problem I had faced is that When I was Searching this in ICAI Website it was Mentioned that it is a Real Account. So, please Clarify My Question
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On 13 July 2016 at 17:35 Report
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
it is a nominal account..
25 Reply
On 13 July 2016 at 17:38
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intermediate
80 Points Posted on 13 July 2016

I agree with you but in ICAI website it was stated that it was Real Account.

 

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On 13 July 2016 at 17:41
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
ICAI text may give like this

inventory purchases as real account, in that two accounts are there one it is real and the other one is nominal

icai would have written this context,
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On 13 July 2016 at 17:44
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intermediate
80 Points Posted on 13 July 2016

Then Which account is real and Which Account is Nominal?

 

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On 13 July 2016 at 17:48
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
purchases is nominal and inventory is real in the example i told....
25 Reply
On 13 July 2016 at 18:07
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intermediate
80 Points Posted on 13 July 2016

This is the information that was given in ICAI material once see the third entry in the pic

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On 13 July 2016 at 18:23
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
yes, if you see an entry

inventory purchases, in our books we show as purchases, as it is inventory purchases in full he is treating as real account, if it is stationary purchase then as stationary is not a real account it will be nominal
25 Reply
On 13 July 2016 at 18:28
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
inventory is real account but on the basis of the attachment purchases has it changes, if inventory purchase it is real, it is just purchase ledger it is nominal, and if stationary purchase it is nominal, if asset purchase it is real
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On 13 July 2016 at 18:29
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intermediate
80 Points Posted on 13 July 2016

From your Statement are you stating that purchase is a real Account??

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On 13 July 2016 at 18:34
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
purchases always will not be nominal depends on the purchase....
25 Reply
On 13 July 2016 at 18:38
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intermediate
80 Points Posted on 13 July 2016

Can I get Some More Examples??

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On 13 July 2016 at 18:43
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Asst Manager(Internal audit)
1679 Points Posted on 13 July 2016
purchases:

1) inventory purchase - real
2) softwate purchase - real
3) building or plant and machinery or land purchase - real
4) patent purchase real
5) stationary purchase nominal
6) spare purchase nominal
25 Reply
On 13 July 2016 at 18:51
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article
82 Points Posted on 13 July 2016
nominal accounts are intagible and real accounts are tangible(inventory)
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On 13 July 2016 at 18:51
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intermediate
80 Points Posted on 13 July 2016

Ok. Thanks Bro!!..

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On 13 July 2016 at 18:52


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