Ledger account is a summary statement of all the transactions relating to a person, asset, liability, expense or income. the transactions recorded in the journal, the ledger account is prepared. It is a book which contains all sets of accounts, namely, personal, real and nominal accounts. Account balance can be determined from the ledger. It contains a classified and permanent record of all the transactions of a business.
Example: Office expenses, Purchase, Machinery, Ravi, bank loan etc..
Note: Cash, profit/loss are default ledgers in tally.
The group is a collection of ledgers of the same natures.
Group Name | Example Ledger |
---|---|
Capital Accounts | Share capital, Joes capital |
Loan Liabilities | Bank loan, loan received from any party |
Current Liabilities | Payables, outstanding amounts |
Current Assets | Receivables, Prepaid amounts |
Fixed Assets | Machinery, Factory, Land & buildings |
Investments | Investing on shares, any investment names |
Sales Accounts | Credit sales, sales returns |
Purchase Accounts | Credit purchase, purchase returns |
Suspense Account | Suspense ledger |
Direct Expenses | Wages, Import duty, all purchase & manufacturing expenses |
Indirect Expenses | Office expenses, selling expenses & financial expenses |
Misc.Expenses | Development expenses, advertisement expenses, |
Direct Income | Income earned from the sale of goods and services |
Indirect Income | Earned by way of Non-business activities (Interest received, discounts) |
Branch / Division | This maintains ledger accounts of all your company's branches, divisions, affiliates, sister concerns, subsidiaries and so on. |
Group Name | Example Ledger |
---|---|
Sundry Creditors | Purchase party name or supplier name |
Sundry Debtors | Sales party name or customer name |
Provision | Provision for doubtful debts, Provision for tax |
Cash in hand | Liquid cash in company |
Duties & Taxes | Service tax, CGST, IGST,SGST |
Deposit(asset) | Fixed deposits |
Bank Accounts | Indian bank, SBI bank (any bank name) |
Loans & Advance (Assets) | Salary advance, loans to partner |
Bank OD & OCC Account | Bank OD, bank OCC |
Secured Loans | Car loan, Home loan |
Unsecured Loans | Credit cards, student loan |
Stock in hand | Opening stock, closing stock |
Reserves & Surplus | General Reserves , Capital Reserves (Funds set aside to pay future obligations ) |
Ledger Name | Group Name |
---|---|
Any bank name | Bank Account |
Cash at bank | |
Ex: Indian bank. ICICI bank | |
Bank O/D | Bank O/D (Over Draft) |
Bank OCC | Bank OCC (On Cash Credit or Over Cash credit) |
Any branch name | Branch/Divisions |
Ex: Branch fund, Branch stock | |
Any capital name | Capital A/c |
Ex: Reliance capital, Ravi capital Drawings (Dr) | |
Cash or cash in hand (Default) | Cash-in-hand |
Bill receivable | Current assets |
Prepaid Expenses | |
Accrued interest | |
Petty cash | |
Subsidiaries | |
Accounts receivable | |
Live in stock | |
Sports equipment | |
Works-in-progress | |
Raw materials | |
Security deposit (Dr) | |
Bills payable | Current liabilities |
Arrears | |
Unpaid expenses | |
Condign liability | |
Bonus payable | |
Royalty payable | |
Outstanding expenses | |
Salary due | |
Commission received in advance | |
Security deposit (Cr) | |
Accounts payable | |
Provident fund | |
Proposed dividend | |
Any deposit name | Deposit (Assets |
Ex: Bank deposit, Fixed deposit | |
Wages | Direct Expenses |
Fright charges | |
Factory rent | |
Inward charges | |
Carriage inward charges | |
Import duty | |
Gas & fuel & power | |
Royalty on production | |
Factory lighting | |
Any factory Expenses | |
It is not possible | Direct income |
Sales tax | Duties & Taxes |
Service tax | |
Surcharges on tax | |
Excise duty | |
TDS | |
TCS | |
VAT | |
FBT | |
CST | |
Plant & machinery | Plant |
Land & building | |
Typewriter | |
Motor van & car & bike | |
Furniture & fittings | |
Computer | |
Electric fan | |
Loose tools | |
Free hold property | |
Lease hold property | |
Good will | |
Factory | |
Plant | |
Office expense | Indirect expense |
Salaries | |
Bank charges | |
Rent , rates | |
Printing & stationery | |
Postage & telegram | |
Telephone charges | |
Legal charges | |
Audit fee | |
Insurance | |
General expenses | |
Interest on capital | |
Interest on loan | |
Discount allowed | |
Discount on bill | |
Advertisement charges | |
Traveling expenses | |
Commission | |
Bad Debit | |
Bad and doubtful debts | |
Discount on debtors | |
Fright outward | |
Godown rent | |
Carriage outward | |
Agent commission | |
Export expenses | |
Depreciation | |
Repair chares | |
Maintenance charges | |
Trade expense | |
Interest received | Indirect income |
Dividend received | |
Discount received | |
Commission received | |
Rent received | |
Income on investment | |
Interest on debentures | |
Miscellaneous revenue | |
Interest on | |
debentures | |
Miscellaneous | |
revenue Interest on | |
Drawing Sundry | |
income | |
Bad debit recovered | |
Appreciations | |
Investing on shares | Investment |
Investment | |
Capital of partnership firm | |
Any investment name | |
Loan issued to customers | Loans and advance (Assets) |
Employees, Advance paid | |
Bank loan | Loan (liability) or Secured loan |
loan (liability) | |
loan received from any party’s | |
secured loan, debentures | |
Preliminary Expenses | Misc. Expenses (Assets) |
Misc. Expenses | |
Development exp | |
Any Provision name | Provisions |
Provision for Bad debit | |
Provision for Depreciation | |
Provision for Tax | |
Cash purchase | Purchase Account |
Credit purchase | |
Purchase return (Cr) | |
Reserve fund | Reserves & surplus |
Reserves | |
Reserves & surplus | |
Reserve for bad debit | |
Cash sales | Sales Account |
Credit sales | |
Sales return (Dr) | |
Purchase party name | Sundry creditor |
Suppliers name | |
Sales party name (OR) Customer name | Sundry Debtors |
Suspense A/c | Suspense A/c |
Bank loan (un secured loan) | Unsecured loan |
Stock in hand, Opening stock | Stock in Hand |
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