Tally Account Groups

TALLY ACCOUNT GROUPS

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.