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Standard XI
Accountancy
Debit & Credit for Purchase & Sales Return
Give one word...
Question
Give one word or term or phrase for each of the following statements:
The type of account wherein purchase and sales Account are included.
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Solution
Both
Purchases and Sales Account
are Nominal
Accounts
.
Purchases
imply expenses, whereas,
Sales
imply generating revenue (i.e. incomes and gains).
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