Accounts

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
Replies (25)
it is a nominal account..

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

 

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,

Then Which account is real and Which Account is Nominal?

 

purchases is nominal and inventory is real in the example i told....

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

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
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

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

purchases always will not be nominal depends on the purchase....

Can I get Some More Examples??

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
nominal accounts are intagible and real accounts are tangible(inventory)

Ok. Thanks Bro!!..

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