*Detailed about the predefined group in Tally.
1. Capital Account:
It’s a primary group, Liability in nature. It displays in liabilities group balance sheet. It useswhen any person worth amount of money in businesses or start up. The businesses person
Account going under this. It includes Capital A/c, Drawing A/c, Partners Capital A/c., Share Capital
etc.
2. Loans (Liability):
It’s a primary group, Liability in nature. It displays in Liabilities group balance sheet. It keepsan account of the Loans taken by the Company. Then loan given party account going under this.
3. Current Liabilities:
It’s a primary group, Liability in nature. Liabilities displays in group balance sheet. It holds theOutstanding Liabilities, Statutory Liabilities, and some other minor liabilities. Liabilities such as PF,
TDS, and ESI also fall under this Group.
It includes:-
a) Duties and taxes
b) Provision
c) Sundry creditors
4. Fixed Assets:
It’s a primary group, Assets in nature. It displays in Assets group in balance sheet. It useswhen we maintain accounting for fixed Assets. Ex….furniture, machine, home, vehicle...Etc.
5. Investments:
It’s a primary group, Assets in nature. It displays in Assets group in balance sheet. It useswhen company capital using in another business. Like bonds, securities, shares.
6. Current Assets:
It contains the following subgroupCash in Hand
Bank Accounts
Deposits (assets)
Loan and Advancement (assets)
Stock in hand
7. Branch / Divisions:
It holds the accounts of all the Sister Concerns, Branches, Divisions, Affiliation, etc. of the existingcompany. This is primary group. When we are maintaining accounts of Head Office which has
various Branches of Divisions under it, create such branch or division accounts under this group
Ex. Vijayawada branch A/c, Hyderabad H.O A/c etc.
8. Miscellaneous Expenses (Asset):
This is a primary group. Create all expense accounts that are not written off to P&L A/c the sameyear in which they are incurred under this group. Such expenditure is written –off proportionally
over a number of years.
Ex. Preliminary expenses lump sum amount paid for obtaining copyright or technical know-how.
9. Suspense Account: संधेही खाता
This account is opened when trail balance does not match and some discrepancy Balance Sheet. It isa Balance Sheet item and shown either an asset or balance sheet side.
10. Sales Account:
Such as sales a/c and sales returns account. It holds the different Sales Accounts.11. Purchase Account:
It holds the accounts related to purchase.
Practical:
1. **Practice Back 2 days Practical.
12. Direct Income: आय
An account of the direct income is opened like income due to sales of service generally used inprofessional service. A Professional Service provider generally used to open an account as
Professional Fees instead of Sales Account, under this Group.
13. Direct Expenses: वयय
It has factory related expense or generally direct expenses the direct trading expenses of the factory,like Wages paid to Labors, Transportation, Electricity Bill.
14. Indirect Income:
It is an account of non-sale indirect income, like income from Rent Received, Commissions Received,
Interest Received, etc.
15. Indirect Expenses:
Expenses incurred in the administrative building, like Salary A/c, Maintenance of Vehicle, etc.16. Reserve and surplus: (retained Earning)
It is name for reserve and surplus accounts. Such as Capital reserve, general Reserve another, Profitand loss account, reserve for depreciation, Reserve for income tax.
17. Bank OD Accounts [Bank OCC Accounts:
Bank OCC is the alias name for Bank OD Accounts. It holds Over Draft Account like Bill DiscountingAccount, etc. of the Bank.
18. Secured Loan:
It holds the accounts of the loans taken by the company from Banks and other Financial Bodies bymortgaging its Fixed Assets. It is a secured loan so it has to be returned from the fixed asset of the
company even if the company fails.
19. Unsecured Loans: -
It’s a sub-group of Loan Liabilities. This is an unconditional loan
obtained from Partners / Directors or outside parties.
obtained from Partners / Directors or outside parties.
20. Duties and taxes:
- It’s a sub-group of current liabilities. Used for only tax accounting.
Ex… VAT, Sale-Purchase Tax, Central Tax.
Ex… VAT, Sale-Purchase Tax, Central Tax.
21. Provision:
- It’s a sub-group of current liabilities. Used for Provisions.
22. Sundry Creditors:
-Means related with whose party taken from us.
23. Stock in hand:
- It includes opening and closing stock the balancing depends upon the type
of Inventory management.
of Inventory management.
24. Deposits (assets):-
All rental deposits, fixed deposits, security deposits etc. which are made
by the company.
by the company.
25. Loan and Advancement (assets):-
It provide to an outsider by the Company which is now
trading. Example salary advance, advance for purchase of fixed assets etc.
trading. Example salary advance, advance for purchase of fixed assets etc.
26. Sundry Debtors: -
Means related with whose party given us.
27. Cash in hand: -
Uses only for transactions related to Cash Accounting.
28. Bank Accounts: -
Uses only for related to Bank Accounting. Means while opening a Bank
Account
Account
