Tally Account Groups

Hello Student’s when we create company then 28 Group are already created and all ledger in business use in this group list below

This is important things to know Learning tally

TALLY ACCOUNT GROUPS

Tally provides a set of 28 pre defined group of these 15 are primary groups and 13 are sub-group as follows:-

1. Capital Account :- This is primary group to hold the Capital and Reserves of these company. Accounts like partners capital A/c, proprietors Capital A/c.
2. Reserves and Surplus :- This a sub group of Capital Account. Accounts like Investment.
3. Current Assets :- This is a primary group. All assets of the company are placed under this head. There are six group to Current Assets.
4. Bank A/c :- This is the first sub-group of Current Assets., Any Bank Saving and Current A/c Under this head.
5. Cash in Hand :- This is the second sub group of Current Assets. This will hold Cash A/c only. Cash A/c is automatically created under this group when a created company.
6. Deposit :- This is the third sub group of current Assets. Account related to Deposit likes Fixed Deposit, Rental Deposit etc..
7. Loan and Advance :- This is the fourth sub group of Current Assets like – Salary Advance, Rent Advance, Advance to Purchase Fixed Assets etc.
8. Stock in Hand :- This is the fifth Sub Group of Current Assets. Opening and Closing Stock under this sub group.
9. Sundry Debtors :- This is the six sub group of Current Assets. This group is used to creat customer a/c.
10. Current Liabilities :- This is primary group. It has three sub groups.
11. Duties and Taxes :- This is the First sub group in Current Liabilities. Accounts of trade duties and taxes like Excise, Local Sales Tax, Central Sales Tax, Service Tax, Vat etc.
12. Provisions :- This is the Second sub group of Current Liabilities. It is used to hold tax provisions like – Income Tax.
13. Sundry Creditors :- This is the third sub group of Current Liabilities. Account trade creditors Supplier..
14. Fixed Assets :- This is a primary group. Account like Building, Furniture, Machine & Land etc.
15. Investment :- This is primary group. It holds all type of investment like share, debenture etc.
16. Loans (Liabilities) :- This is a primary group. It has three sub group.
17.  Bank OD :- This is the first sub group of Loan A/c.
18. Secured Loan :- This is the second sub group of loan account of loans taken by the company from financial corporation, bank etc against fixed assets.
19. Unsecured Loan :- This is the third sub group of Loan. Unconditionally from Outside parties including debtors, relative etc.
20. Suspense Account :- This is a primary group. Account of money received or paid by the company the nature of which is not known like money paid as travelling advance can be created in this group. This is a balance sheet items.
21. Misc Exp. A rarely used primary group. This group is add to indirect exp.
22.  Sales A/c :- This is a primary group General Sales A/c etc.
23. Purchase A/c :- This is a primary group General Purchase A/c
24. Direct Income :- This is a primary group. Selling the goods of the company can created accounts of direct income of the company like income by selling the goods of the company under this group.
25. Indirect Income :- This is a primary group. The account of Direct    Income like Rent received, Commission received etc.
26. Indirect Exp. This is a primary group. The account of Indirect Exp. Like – Salary, Advertisement, Stationery, Travelling Exp. Etc.
27. Direct exp. – This is a primary group. The account of Direct Exp. Like- Wages, Freight, Carriage, Electric bill etc.
28. Branch /Division :- This  is a primary group. The account of Branch / Division, sister concern, Franchisee etc.

                                            Also Read : 

                    WHAT IS TALLY

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