Question

A project on types of accounts related to goods it all details and maximum information

Answer 1

Accounting is considered as a system which collects and process financial information of a business . By the help of accounting  its enable to make good decision. The main objectives of accounting are to maintain accounting records , calculate the position of the business and to communicate the information.There  is types of Accounts related to goods.


Purchase A/C

when goods are purchased , instead of debiting goods A/C 'Purchase A/C is debited. Purchase A/C is a nominal Account and while passing a journal entry "purchase A/C"

It should always be debited because of the rules of Debit all expenses and losses.

Sales A/C

When goods are sold , instead of crediting Goods A/C Sales A/C is credited. Sales is nominal Account and while passing journal entry.

Purchase Return A/C

This account is also named as " Return Outward. it is nominal account and should always be credited .

Sales Return A/c

This accounts is also named as "return Inward " . It is a nominal account and should always  be debited.

Stock A/c

In the transaction related to the purchase and sales of goods. It has to be debited. Where a transaction is for cash for credit.

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