IndigoLearn

Forums

Account

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


Amisha Mahajan

Amisha Mahajan

CA Foundation

435

07-Mar-21 20:18

27

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

Nithish Kumar

CA Inter

330

07-Mar-21 21:22

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


Amisha Mahajan

Amisha Mahajan

CA Foundation

435

07-Mar-21 21:30

Thats why i got too much confused..


Amisha Mahajan

Amisha Mahajan

CA Foundation

435

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..


Sai Teja

Sai Teja

CA Foundation

12K+

07-Mar-21 22:32

Thats why i got too much confused..

I hope this helps... https://youtu.be/H45Xn9Ha1iU


Deepak Gupta

Deepak Gupta

CA Inter

1K+

07-Mar-21 22:55

I hope this helps... https://youtu.be/H45Xn9Ha1iU

Thank you so much...


Amisha Mahajan

Amisha Mahajan

CA Foundation

435

07-Mar-21 23:40

Byte Size Modules
IL Pass percentages
Quote
Tally Free
Hiring
Refer
EMI
Lazypay
Past_Exams