ITT Council

Details Groups of Accounts Part 3,    8.  Miscellaneous Expenses (Asset) - This group is typically used for legal disclosure requirements such as Schedule VI of the Indian Companies Act. It should hold incorporation and pre-operative expenses. Companies would write off a permissible portion of the account every year. A balance remains to an extent that cannot be written off in Profit & Loss Account. Tally does not show loss, carried forward in the Profit & Loss Account, under this group. The Profit & Loss Account balance is displayed separately in the Balance Sheet. 9.  Branch/Divisions - This maintains ledger accounts of all your company’s branches, divisions, affiliates, sister concerns, subsidiaries and so on. Tally permits Sales and  Purchase transactions to take place with accounts opened here. Remember, these are their accounts in your books and not their books of accounts. Just treat them as any other party account. If you wish to maintain the books of a br

Details Groups of Accounts Part 2 3.  Current Liabilities -   Accounts like Outstanding Liabilities, Statutory Liabilities and other minor liabilities can be created directly under this group. Sub-groups under Current Liabilities are Duties and Taxes, Provisions and Sundry Creditors a)  Duties and Taxes - Duties and Taxes contain all tax accounts like VAT, MODVAT, Excise, Sales and other trade taxes and the total liability (or asset in case of advances paid) and the break-up of individual items. b) Provisions - Accounts like Provision for Taxation, Provision for Depreciation and so on are recorded under Provisions. c)  Sundry Creditors -   You can open ledger accounts of trade creditors of the company  Ex. Supplier of the company  ( Purchased Goods on Credit ) 4. Fixed Assets -   This is a primary group, you can open ledger accounts such as furniture, vehicle, Building, Plant & Machinery of the company.    5.  Investments - Group your investment accounts

Details Groups of Accounts Part 1 Capital Account -  This records the Capital and Reserves of the company. The ledgers that belong to Capital Accounts are Share Capital, Partners’ Capital A/c, Proprietor’s Capital Account and so on. Reserves and Surplus [Retained Earnings] This contains ledgers like Capital Reserve, General Reserve, Reserve for Depreciation and so on Current Assets - Current Assets record the assets that do not belong to either Bank Accounts or Cash-in-Hand sub-groups. a)     Bank Accounts - Current account, savings account, short term deposit accounts and so on. b)    Cash-in hand - Tally automatically creates Cash A/c in this group. You can open more than one cash account, if necessary.  (Note: An account under Cash-in-hand group or Bank Accounts/Bank OCC A/c group is printed as separate Cash Book in the traditional Cash Book format and does not form part of the Ledger.) c)     Deposits (Asset) - Deposits contain Fixed Deposits, Security Dep

Proforma of Balance Sheet Company Name BALANCE SHEET AS ON 31/03/2017 Liabilities Amount Assets Amount Capital Account Owner Name Partner Name Director Name Unsecured Loan (Loan From Relatives & Friends) Secured Loan (Loan From Bank & Other with Security) For Example – CC A/c (Cash Credit Account) Term Loan, Home Loan, etc. Current Liabilities Duties & Taxes Sundry Creditors Advance From Customers Provision For Example – Salary Payable, Electricity Bill Payable,  Audit fees Payable etc XXXX XXXX XXXX XXXX XXXX XXXX XXXX Fixed Assets   For Example - Machinery, House, Plot, Bike, Car Computer & Printer etc. Investments Shares,  FD all type of Investments Current Assets Loans & Advances

Proforma of Capital Account Company Name CAPITAL ACCOUNT For the Year Ended 31/03/2016 (01/04/2016 To 31/03/2017) Dr.                                                                                                                                     Cr. Particulars Amount Particulars Amount To Withdrawal, for House hold Exp. And Personal Exp. To LIC and Med claim etc. To Closing Balance (Transfer to Balance Sheet) XXXX XXXX XXXX By Opening Balance By Net Profit By Capital Introduce For Example -                               Gift Received Related By Closing Balance                     (Transfer to Balance Sheet) XXXX XXXX XXXX XXXX Total Amount XXXXX Total Amount XXXXX

Proforma of Profit and Loss Account Account Company Name PROFIT AND LOSS ACCOUNT For the Year Ended 31/03/2016 (01/04/2016 To 31/03/2017) Dr.                                                                                                                                    Cr. Particulars Amount Particulars Amount To Gross Loss (Transfer From Trading  Account)                                                                  To Indirect Expenses For Example – Office Rent Salary Exp. Audit Fees Accounting Fees Insurance etc. To Net Profit (Transfer to Capital Account) XXXX XXXX XXXX By Gross Profit                      (Transfer From Trading  Account) By Indirect Income              For Example -                         Commission Receved          Interest Received                   Rent Receved                

Proforma of Trading Account Company Name TRADING ACCOUNT For the Year Ended 31/03/2016 (01/04/2016 To 31/03/2017) Dr.                                                                                                                                        Cr. Particulars Amount Particulars Amount To Opening Stock                                                                  To Purchases (Purchases under Group is All Type of Purchase Ledger use the Purchases Group) for Example Purchases 5% VAT Purchases 12.5% VAT Raw Material, etc. Less Purchases Return                      To Direct Expenses For Example - Freight, Octrai All Type Exp. For the time of purchases or Manufacturing.                                 To Gross Profit (Transfer to Profit & Loss Account)                                                                   XXXX XXXX