أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
This very interesting question.
Like if it is Asset than why don't we record it in balance Sheet . why we record it in income statement and why we close it in closing Entry,
Its a asset. once its consumed or depreciated it will be a expense.
It is an Expense ...and i ma agree with Mr.Moain Ali
Purchase is the cost of buying inventory during a period for the purpose of sale in the ordinary course of the business. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold and the closing inventories consider as Asset and recorded in Balance Sheet.
هل تحتاج لمساعدة في كتابة سيرة ذاتية تحتوي على الكلمات الدلالية التي يبحث عنها أصحاب العمل؟