Starting of Tally part 6
Account Groups of Balance Sheet.
1. Capital Account: This account holds the capital and reserves & surplus account of the company. The possible ledger holds that can be opened are share capital,partner capital account,proprietors capital account, etc.
2. Reserves and Surplus : This group is a sub-group of capital account . All reserve account such as general reserve,capital reserve,Investment allowance Reserve, Share premium account etc.
3. Loan(liabilities): Generally,all loan taken by the company fall under this group. The major sub-group are bank overdraft,secured loans and unsecured loans.
4. Bank Overdraft (bank OCC A/c): The bank overdraft account is meant to handle all the overdraft account of a bank availed under Hypothecation,bill discounting etc.
5. Secured loans: Terms loans and other medium/long term loans should be put under secured loans. For example loan taken from banks, financial Institution,etc.
6. Unsecured loans: All unsecured loans from outside parties, Directors,parties,friends and relatives to whom no security has been furnished come under this group.
7. Duties and Taxes : This group is for all excises,sale and other trade taxes. All duties and taxes that we collect or pay through sale & purchase transactions are come under this head.
8. Provisions: This group is for all provisions. For example, provision for Income tax, provision for bad debts.
9. Sundry Creditors: All trade creditors of the company,i.e., all the parties accounts with whom credit transactions has take place.
10. Fixed Assets: This constitutes all the fixed assets, Immovable properties,parents, trade right etc are placed under this group.
1. Capital Account: This account holds the capital and reserves & surplus account of the company. The possible ledger holds that can be opened are share capital,partner capital account,proprietors capital account, etc.
2. Reserves and Surplus : This group is a sub-group of capital account . All reserve account such as general reserve,capital reserve,Investment allowance Reserve, Share premium account etc.
3. Loan(liabilities): Generally,all loan taken by the company fall under this group. The major sub-group are bank overdraft,secured loans and unsecured loans.
4. Bank Overdraft (bank OCC A/c): The bank overdraft account is meant to handle all the overdraft account of a bank availed under Hypothecation,bill discounting etc.
5. Secured loans: Terms loans and other medium/long term loans should be put under secured loans. For example loan taken from banks, financial Institution,etc.
6. Unsecured loans: All unsecured loans from outside parties, Directors,parties,friends and relatives to whom no security has been furnished come under this group.
7. Duties and Taxes : This group is for all excises,sale and other trade taxes. All duties and taxes that we collect or pay through sale & purchase transactions are come under this head.
8. Provisions: This group is for all provisions. For example, provision for Income tax, provision for bad debts.
9. Sundry Creditors: All trade creditors of the company,i.e., all the parties accounts with whom credit transactions has take place.
10. Fixed Assets: This constitutes all the fixed assets, Immovable properties,parents, trade right etc are placed under this group.
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