Accounts

Then Patent is a Nominal Account?? #bhavanishanker

You are Perfect Bro

Purchase is a nominal account while goods is a a part of real account... 

Don't worry! here is the answer 

under american Approach or modern approach

purchase of goods --->means goods coming inside ,increase in stock(asset) belongs to real account

 under British Approach or Double Entry System

purchase of goods --->treated as expense(nominal) because purchases should transfer to trading p&l account, now you need to decide whether it should be in trading p&l or not                                 

Dear Kushwanth,

Purchase Account is Nominal Account. Purchases are treated as expenses. As per Golden Rules of Accounting for Nominal Accounts (i.e., Debit all expenses and losses, Credit all incomes and gains), we debit purchase account because it is an expense. One should not be confused between Purchases and Stock. Stock Account is real account. Trading Account reflects adjusted purchases.

Stock is unspent purchases or Unsold Output.