Sales A/C belongs to which account type?
- 12 Answers
- 41723 Views
- Chartered Accountant, OPI Global, I also Faced
- E-Mail Answers
Answer Posted / mudunuri
sales is Nominal account. It relates to incomes and gains of business. If we treat it as real account it wont support Accounting equation . As per equation Capital= Assets minus Liabilities. Assets means inventories possed by the unit. Here inventories gone out thru sale. With that the value of inventories possessed by the unit will come down. So under any circumstances sales should not be considered as Real . More over as per rules Going out items are Cash and fixed assets and services only.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Tell me what are the key tasks for account executive?
What qualifications have you achieved?
SIR HOW MANY FORM USE FOR COMMERCIAL TAX & WHAT IS THEIR USES. PLEASE GIVE YOUR SUGGEST
What is the purpose of a balance sheet?
Can you help me to pass the journal entry for work in progress for a construction company? I would like to know the debit and credit for W.I.P will be under in which accounts head. Eg: debit will be in current asset a/c head, and credit will be under in which a/c in P&L? whether under purchase a/c head, or under direct income a/c head? please give me the details. Thanks for your previous answer?
Define fictitious assets?
HOW WE MAKE A RESERVE AND AFTER ITS USE HOW WE NIL IT PLEASE MAKE A PROPER ENTRY.
state (5) accounting concepts and give 1 example of each
Tell me an example of a tough decision that you had to make?
What was your average accounts receivable days outstanding/days sales outstanding?
Why some asset accounts have a credit balance?
What is ppe in accounting?
At the time of depreciation run we selected actual dep key is 5% but we taken 7% so the depreciation was posted wrongly how to rectify it?
What is the definition of accounting?
Tell us what is the abbreviation for the accounting terms debit and credit?
