Prepaid Insurance. Income Tax Advance Bank CC Accounts

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Holly Dean
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1 List of Ledgers and Under group in tally erp 9 Published : Tally Under Group Head Ledger Name to be created Descriptions Brach/Divisions Delhi Branch All branches of a business Capital Account Capital Account Reserves & Surplus Current Asset Bank Accounts Bank OCC Account Bank OD Account Cash- In - Hand Deposit ( Asset ) Loans & Advances (Asset) Stock in hand Partners /Owners Drawings A/c Share Capital A/C Partner's Current Account Generel Reserve A/c Capital Reserve A/c TDS Paid TCS Paid Goodwill Bills Receivable Accrued Income Prepaid Insurance Income Tax Advance Bank Accounts Bank CC Accounts Bank OD Accounts Petty Cash A/c Cash A/c NSC Deposits Fixed Deposits Salary Advance Loans to sister concern Loans to director Loans to partner Opening Stock Closing Stock To account the insurance paid for the next Financial year. All bank account Current account, OD Account, CC Account, savings accounts etc. For Axis Bank A/c default account Sundry Debtors Current Liabilities Customer Ledger Bills Payable Outstanding Expense Lease Payable Income Tax payable GST Payable TDS Payable TCS Payable Expense Payable Divident Payable Unearned Revenue Sales Tax A/c All customers ledger who buys products or services from business

2 Duties & Taxes Provisions Output Vat Input Vat TDS Account Eg: TDS on Interest TCS Account Eg: TCS on Motor vehcile Excise Duty CST A/c Service tax CGST Type of duty should be gst SGST,, IGST,, UGST,, CESS Tax type selected cess Provision for Bad Debts Audit Fee Payable Salary Payable Wages Payable TDS Payable TCS Payable Compound tax payable Income Tax Payable Telephone charges Payable Rent Payable Sundry Creditors Supplier Ledgers Wages Account Repair & Maintenance Freight Paid Factory Lighting Factory Rent Import Duty Royalty Labor Power Electricity charges ( Factory ) Loading & Unloading Exp Ware House Expense Custom clearing charges Carriage Freight Charges Coal & Fuel Gas chares ( Factory ) Water Charges ( Factory ) The supllier from whome you purchase raw materials and other thng for business in credit. Freight paid for the purchase of materials for selling or manufacturing For Mining, leasing etc

3 Direct Expense Fixed Asset Export Duty Delivery charges ( Buying raw material) Diesel Expense ( Factory ) Land A/c Building Plant & Machineries Motor Vehicles Furniture & Fixtures Computer & Peripharals Computer software Long Term Investment Interest On Capital Salary Account Directors Remunaration Partners salary Professional Fees Legal charges Interest on loan Depreciation Amortisation Audit Fee Insurace Local Conveyance Miscellaneous Expense Rates & Taxes Round off Printing & Stationery Travelling Expense Vehicle Expense Telephone Charges Communication Expense Advertising charges Discount Allowed Staff Welfare Expense Compound Tax Paid Courier Charges Commision Paid Interest on Income Tax Tea & Coffee Expense Bank Charges Rent Expense ( Office ) Most Expensive softwares if purchased Vary in relation to the nature of business, Some time salary account termed as direct expense.

4 Maintenance Expense ( Office, Building ) Sample Free Interest on VAT Interest on TDS Interest on TCS Donation & Charity Penalty Loss by fire Loss By theft Legal Charges Bad Debts Diesel/Petrol Expense Freight Received For travelling, cars for managers etc To account the freight charges received from customers. Eg: Transportation using Lorry Indirect Expense Scrap Sale Commision Received Interest Received Interest On Investment Received sale of small amount carton box, machinery damaged parts etc. Freight Received To account the freight charges received from customers. Eg: Transportation using Lorry Commision Received Interest Received Interest On Investment Received Indirect Income Investments Loans ( Liability) Bank OD A/c ( Bank OCC A/c ) Discount Received Bad Debt Recovered Investment in Share Loan Account Bank OD /CC Accounts Car loan Housing Loan A/c Mortguage Loan For example If you take loans from a Private finance Create a LEDGER : L & T Financial Services Loan A/c No: 1256 For Banking Institution :For Eg: ICICI Bank Loan a/c Loans raised by collateral Assets are pledged against loans

5 Secured Loans Unsecured Loans Miscellanious Expense ( Asset) Purchase Account Sales Account Secured Credit card A/c Students loan Credit Cards Personal Loans Pre- operative expense All Purchase ledger created Sale Ledger Scrap Sale Ledger credit cards issued against fixed deposit Sale of Machinery or other Big assets attract GST.This can be accounted under sale account. Any unknown payment received, any difference in cash balance Suspense A/c could not figured out. Can put the balance under suspense Suspense A/c untill it is figured out. Profit & Loss A/c Profit & loss account created automatically

Shri Shahu Mandir Mahavidyalaya, Pune - 9

Shri Shahu Mandir Mahavidyalaya, Pune - 9 The main Advantages of a Computerized Accounting system are listed below: 1. Speed: Data entry onto the computer with its formatted screens and built-in databases of customers and supplier details and