Anuj jain
(Self employed)
(40 Points)
Replied 10 March 2017
ankita gandhi
(student)
(5908 Points)
Replied 10 March 2017
Niraj Kumar Sinha
(Sr. Officer, SPSIL)
(648 Points)
Replied 11 March 2017
In accounting language purchase material is called stock not assets (if purchase for trading).
There is difference between goods/stock and assets. Assets means which help to get the profit and which it not traded. While goods/stock is traded to get the profit.
So purchases is treated as nominal account.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
CAclubindia
