Nature of account

Accountancy

Is purchase and sales a real account or nominal account???

Pooja .

CA Final

★ 210

15-May-20 18:15

687

Answers (2)

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

sai t

CA Foundation

★ 2K+

15-May-20 18:55

Thanks

Thread Starter

Pooja .

CA Final

★ 210

15-May-20 19:18