Question

____A/c is meant for purchase of goods only
A. purchase
B. Sales
C. purchase returns
D. sales returns​

Answer 1

purchasing goods is an expenses

Answer 2

ANSWER :

★ A. Purchase

• ➻ Purchase A/C is meant for purchase of goods only.

___________________________________________________________

EXPLANATION :

• ✎ In accounting, the term "Purchase" means the puchases of goods in which the business deals. It doesn't include purchase of any fixed assets for the business. Purchase of goods may be either in cash or credit. If goods are purchased by making payment in cash or by cheque; it is called Cash Purchase and if the goods are purchase on the condition that the payment will be made in a future date, such purchase are termed as Credit Purchase.

Again,

• ✎ Purchase Account is the account which records the purchase of goods by a business. It records the transaction related to the purchase of such goods that a business deals in.

• ✎ Transactions related to purchase of any fixed assets, whether it is in cash or on credit, are not recorded under Purchase Account.

Also,

• ✎ Sales Account records the transactions related to sales of goods that a business deals in.

• ✎ Purchase Return Account records the transactions related to Return Outward or Purchase Return of a business.

• ✎ Sales Return Account records the transactions related to Return Inward or Sales Return of a business.