Purchases account is real or nominal ...in module it is written as real nd somewhere nominal and purchase return also
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.
But it module it is written as real account
And sales account is also written as real account
Thats why i got too much confused..
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..
I hope this helps...
Thank you so much...
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