Purchased stationery -Rs500 for business use.
Is stationery an asset or expense ?
Where does stationery account come in balance sheet?

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Solution

Hey,
As Stationery is an expense of the business, it is a nominal natured account. Such type of accounts follows the rule of "Debit all expenses and losses", therefore, the following Journal entry will be passed for its purchase:

Stationery A/c Dr.
To Cash A/c
(Stationery purchased)

It is an indirect expense of revenue nature, so it will appear on the debit side of Profit and Loss Account.

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Purchased stationery -Rs500 for business use. Is stationery an asset or expense ? Where does stationery account come in balance sheet?

Purchased stationery -Rs500 for business use.
Is stationery an asset or expense ?
Where does stationery account come in balance sheet?