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Accountancy

Purchases account is real or nominal ...in module it is written as real nd somewhere nominal and purchase return also

Amisha Mahajan

CA Foundation

★ 2K+

07-Mar-21 20:18

327

Answers (6)

The purchase account is a NOMINAL ACCOUNT whose principal is " Debit all expenses and losses, credit all income and gains". The purchase return account is also of same nature.

Nithish Kumar

CA Final

★ 1K+

07-Mar-21 21:22

But it module it is written as real account And sales account is also written as real account

Thread Starter

Amisha Mahajan

CA Foundation

★ 2K+

07-Mar-21 21:30

Thats why i got too much confused..

Thread Starter

Amisha Mahajan

CA Foundation

★ 2K+

07-Mar-21 21:30

Yes.. There is no universal evidence whether purchase account is real or nominal in nature. It is matter of conflict.. But mostly it depends upon the policy of company..