GROUPS CLASSIFICATION

GROUPS & LEDGERS

GROUPS: - Groups are collection of ledger of the same nature. Tally provides lists of 28 pre-defined groups of these 15 are primary group & 13 are groups 9 primary groups appear in the balance sheet they are capital in nature. 6 primary groups appear in the profit & loss account.

1. CAPITAL A/C:- Partner’s capital A/c or Proprietor’s A/c               should be opened in this group. This group has sub group reserve     & surplus.

·         RESERVE & SURPLUS: - This group can accommodate             ledger for reserve generated such as investment allowance &           surplus from earning after disbursement of dividends etc.

2. CURRENT ASSETS: - This primary group and covers all the         assets which are grouped under six   groups.

·         BANK ACCOUNT:-This subgroup covers all the Bank                 Accounts current & saving A/c etc. in all the banks being                 maintained by the company. The bank in which our current &         savings A/c is there is opened under this group.

·         CASH IN HAND: - Cash A/c is opened in under this group it       is already provided it is a pre-defined group.

·         DEPOSITS (ASSETS):- These subgroups are for deposits.              Made by company for e.g. fixed deposits, saving deposits.

·         LOAN & ADVANCE ASSETS: - These subgroups are for the        ledger on all types of loans & advances given by company for          e.g. advances for purchase.

·         STOCK IN HAND: - These subgroups are to keep records of         opening & closing stock for accounting purposes. This data is           for internal accounting and no transaction takes place.

·         SUNDRY DEBTORS :- These subgroups are for keeping the          A/c’s of companies & parties to whom company sold goods on        credit thus for sundry debtor.

   3.CURRENT LIABILITIES: - This is a primary group in which the   liabilities of the company including statutory liabilities are                 maintained for e.g. funds Tax deducted at source (TDS),                   outstanding payment.

·         DUTIES & TAXES: - All the duties & taxes like excise duty,          sales tax both central & state maintained under this head.

·         PROVISIONS: - These subgroups are for keeping track of              various statutory & non-statutory provisions like income tax,            provident fund etc.

·         SUNDRY CREDITORS: - These subgroups are for keeping            the A/c of creditors of the company from whom goods are                purchased on credit. Thus to group sundry creditors.

4. FIXED ASSETS: - This is a primary group to keep track of all         the fixed assets of the company, such as value of machinery,           building & furniture.

5. INVESTMENTS: - investment made by company for e.g.               investment made in govt. bonds, share, debentures.

6. LOAN (liabilities):- This is a primary group and as the name           suggests it is meant to keep ledger on all loans taken by the               company and has three subgroup as below.

·         BANK O/D A/C (BANK OCC A/C):- The bank ledger from          which loan is being taken by this company is opened under this        group.

·         SECURED LOANS: - This subgroup is mean to keep track of        the loans taken by the company securities institution or banks          for e.g. debentures A/c.

·         UNSECURED LOANS: - These subgroups are mean to keep          unsecured loans taken by the company, from any party or                person including directors and partners or a bank for e.g. Bank        O/D.

7. SUSPENSE A/C:- This is a primary group to keep suspense 

   account and is mean to keep track of money paid or received by      the company for which the details of transaction are yet to                finalize.

   Most of advances fall into this category like advance given for          miscellaneous expenditure or travels advances for which details        will be available after the purchase bill.