Nature of account
Is purchase and sales a real account or nominal account???
Purchases and sales is a nominal account Nominal account is related to expenses /loss and income/gains. Purchases is expense sales is an income so nominal account. Real account is related to assets Nominal account: Debit Credit Expenses/losses. Incomes/gains Real account: Debit credit What comes in. What goes out So purchases and sales. are not assets so they are not real account They are nominal account