1. Bank Accounts
Bank ledgers contain relevant information about a bank that you use to make or receive payments.
2. Bank OCC Alc
Bank OCC Full-Form refers to Open Cash Credit. OCC is a type of a bank account that serves enterprises of medium and small sizes
3. Bank OD Alc
Bank OD account is a current account with bank. When a customer draw over and above his available balance it becomes over draft account.
4. Branch / Divisions
Permits Sales and Purchase transactions to take place with accounts opened here
5. Capital Account
Capital Account: It indicates the initial amount the owner or owners of the business contributed
6. Cash-in-Hand
a payment made directly in cash, rather than through a bank. businesses that pay suppliers cash in hand for a cheaper service.
7. Current Assets
Current assets can be defined as an asset which is either cash or cash equivalent or anything which can be converted into cash quickly, usually 1 year .
8. Current Liabilities
Current liabilities are the short-term debts or obligation which a company needs to pay within a year. salaries due to be paid, amount payable to suppliers, etc
9. Deposits (Asset)
Deposits (Asset) : Deposits contain Fixed Deposits, Security Deposits or any deposit made by the company
10 Direct Expenses
Direct Expenses are expense which are directly involved in the production process in case of manufacturing or selling process in case of a trading business.
11 Direct Incomes / Expenses (Indirect)
Direct Incomes OR Income(Direct) Any Income from main service like. Freight Charges Income. Delivery Charges Income. Transporation Charges Income.
12 Duties & Taxes
Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like SGST, CGST, TDS, TCS etc.
13. Expenses (Direct)
Direct Expenses are expense which are directly involved in the production process in case of manufacturing or selling process in case of a trading business.
14. Fixed Assets
Fixed assets are the assets, which are responsible to generate revenue for business.
15. Income (Direct)
Direct Incomes OR Income(Direct) Any Income from main service like. Freight Charges Income. Delivery Charges Income. Transporation Charges Income
16. Income (Indirect)
One that is gained from non-business activities is indirect income. Sales of old newspapers, sales of cardboard boxes for instance, etc.
17. Indirect Incomes
One that is gained from non-business activities is indirect income. Sales of old newspapers, sales of cardboard boxes for instance, etc.
18 Investments
Investment are those assets of businessman by which he earn dividend , interest , rent or.
19 Loans & Advances (Asset)
Loans & Advances (Asset) : This records all loans given by the company and advances of a non-trading nature (example: advance against salaries) or even for purchase of Fixed Assets.
20 Loans (Liability)
Loans (Liability) ... Loans that a company has borrowed, typically long-terms loans. ... Bank OD Accounts [Bank OCC Accounts] :
21 Provisions
Provision is the year ended expenditure or liability which will be payable to next year e.g. Salary Payable (for March), Bonus Payable, Leave Encashment Payable or all other expenses which will be paid in next year but period of expenses is current year
22. Purchase Accounts
The purchases account is a general ledger account in which is recorded the inventory purchases of a business
23. Reserves & Surplus
Reserves are the funds earmarked for a specific purpose, which the company intends to use in future. The surplus is where the profits of the company reside.
24. Retained Earnings
Definition: Retained earnings is the cumulative profits and losses of a corporation less its dividends paid to shareholders.
25. Secured Loans
A secured loan is a loan given out by a financial institution wherein an asset is used as collateral or security for the loan. For example, you can use your house, gold, etc.
26. Stock-in-Hand
27. Sundry Creditors
Who are sundry creditors? ... Any individual who is responsible for the supplies of the goods or services to another business firm on credit basis,
28. Sundry Debtors
A person who receives goods or services from a business in credit or does not make the payment immediately and is liable to pay the business in the future is called a Sundry Debtor.
29. Suspense Alc
The Suspense Account is a Balance Sheet item. Any expense account even if it has 'suspense' in its name, it should be opened under Revenue group like Indirect Expenses and not under Suspense Account group.
30. Unsecured Loans
Unsecured loan is that loan which is given without any security. Suppose, you need $10,000, you show you income and employment verification and other reference
| Ledger Name | Under (Group) |
|---|---|
| Bank | Bank Account |
| Bank Balance | Bank Account |
| Cash at Bank | Bank Account |
| Bank Overdraft | Bank OD |
| Bombay Branch | Branch & Division |
| Delhi Branch | Branch & Division |
| Capital | Capital Account |
| Drawing | Capital Account |
| House Rent | Capital Account |
| Income Tax | Capital Account |
| LIC Premium (Dr) | Capital Account |
| LIC Refund (Cr) | Capital Account |
| Life Insurance | Capital Account |
| Personal Expenses | Capital Account |
| Cash | Cash in Hand |
| Accrued Income | Current Assets |
| Accrued Rent/ Accrued Income | Current Assets |
| Bills Receivable | Current Assets |
| Bonds | Current Assets |
| Consignment Stock | Current Assets |
| Deferred Expenses | Current Assets |
| FDR | Current Assets |
| Hundi (Assets) | Current Assets |
| Prepaid Expenses | Current Assets |
| Stock of Material | Current Assets |
| Advertisement Payable | Current Liabilities |
| Bills Payable | Current Liabilities |
| Deferred Income | Current Liabilities |
| Depreciation Reserve | Current Liabilities |
| General Reserve | Current Liabilities |
| Hundi (Liability) | Current Liabilities |
| Outstanding Expenses | Current Liabilities |
| Provision for Office Expenses | Current Liabilities |
| Rent Payable | Current Liabilities |
| Salary Payable | Current Liabilities |
| Tea Exp. Payable | Current Liabilities |
| Unearned Income | Current Liabilities |
| Carriage | Direct Expenses |
| Coal & Fuel | Direct Expenses |
| Coal, Gas & Water of Factory | Direct Expenses |
| Consumed Material | Direct Expenses |
| Coolage | Direct Expenses |
| Expenses on Purchases | Direct Expenses |
| Factory Expenses (Lighting, Power etc.) | Direct Expenses |
| Freight | Direct Expenses |
| Freight Inward | Direct Expenses |
| Freight on Purchase (Freight Inward) | Direct Expenses |
| Fuel & Power of Factory | Direct Expenses |
| Gas and Water | Direct Expenses |
| Import Duty | Direct Expenses |
| Manufacturing Expenses | Direct Expenses |
| Octroi | Direct Expenses |
| Oil | Direct Expenses |
| Power & Fuel | Direct Expenses |
| Production Wages | Direct Expenses |
| Rent on Purchase | Direct Expenses |
| Train Freight & Rent | Direct Expenses |
| Wages | Direct Expenses |
| Wages on Production | Direct Expenses |
| Factory Incomes | Direct Incomes |
| CGST | Duties & Taxes |
| IGST | Duties & Taxes |
| SGST | Duties & Taxes |
| TDS | Duties & Taxes |
| TCS | Duties & Taxes |
| Air Conditioner | Fixed Assets |
| Building | Fixed Assets |
| Car | Fixed Assets |
| Computer | Fixed Assets |
| Factory | Fixed Assets |
| Farm House | Fixed Assets |
| Furniture & Fitting | Fixed Assets |
| Furniture & Fixture | Fixed Assets |
| Goodwill | Fixed Assets |
| Horse & Carts | Fixed Assets |
| Land & Building | Fixed Assets |
| Lease Hold Building | Fixed Assets |
| Loose Tools | Fixed Assets |
| Machine & Tools | Fixed Assets |
| Motor Cycle | Fixed Assets |
| Plant & Machine | Fixed Assets |
| Purchase of New Land | Fixed Assets |
| Refrigerator | Fixed Assets |
| Scooter | Fixed Assets |
| Shop | Fixed Assets |
| Showroom / Shop | Fixed Assets |
| Typewriter | Fixed Assets |
| Advertisement Expenses | Indirect Expenses |
| Audit Fees | Indirect Expenses |
| Bad Debts | Indirect Expenses |
| Bank Charges | Indirect Expenses |
| Bank Commission | Indirect Expenses |
| Car Expenses | Indirect Expenses |
| Car Repair | Indirect Expenses |
| Carriage on Sales | Indirect Expenses |
| Coffee Expenses | Indirect Expenses |
| Coke Expenses | Indirect Expenses |
| Commission (Dr.) | Indirect Expenses |
| Depreciation | Indirect Expenses |
| Discount (Dr) / Discount Allowed | Indirect Expenses |
| Donation | Indirect Expenses |
| Electricity Expenses | Indirect Expenses |
| Expenses on Sales | Indirect Expenses |
| Export Duty | Indirect Expenses |
| Fire Insurance | Indirect Expenses |
| Forex Gain Loss | Indirect Expenses |
| Freight on Sale (Freight Outward) | Indirect Expenses |
| Freight Outward | Indirect Expenses |
| General Expenses | Indirect Expenses |
| Godown Rent | Indirect Expenses |
| Insurance | Indirect Expenses |
| Interest (Dr.) | Indirect Expenses |
| Interest on Capital | Indirect Expenses |
| Interest on Loan | Indirect Expenses |
| Labour Charges | Indirect Expenses |
| Legal Expenses | Indirect Expenses |
| Loss By Damage | Indirect Expenses |
| Loss by Fire | Indirect Expenses |
| Loss in Transit | Indirect Expenses |
| Loss on Assets | Indirect Expenses |
| Loss on Joint Venture | Indirect Expenses |
| Machine Repair | Indirect Expenses |
| Manager’s Commission | Indirect Expenses |
| Miscellaneous Expenses | Indirect Expenses |
| Motor Cycle Repair | Indirect Expenses |
| Office Expenses | Indirect Expenses |
| Packing Exp. | Indirect Expenses |
| Pan and Tea Expenses | Indirect Expenses |
| Petrol Expenses | Indirect Expenses |
| Postage & Telegram | Indirect Expenses |
| Printing & Advertisement | Indirect Expenses |
| Printing & Stationery | Indirect Expenses |
| Printing, Papers & Advertisement | Indirect Expenses |
| Provision for Bad Debts | Indirect Expenses |
| Provision for Discount on Debtors | Indirect Expenses |
| Rates & Taxes | Indirect Expenses |
| Refreshment Expenses | Indirect Expenses |
| Rent | Indirect Expenses |
| Rent & Tax | Indirect Expenses |
| Repair & Renovation | Indirect Expenses |
| Salary | Indirect Expenses |
| Salary & Wages | Indirect Expenses |
| Shop Expenses | Indirect Expenses |
| Shop Rent | Indirect Expenses |
| Showroom Repair | Indirect Expenses |
| Stable Expenses | Indirect Expenses |
| Stamp & Postage | Indirect Expenses |
| Stationery | Indirect Expenses |
| Tea or Coffee Expenses | Indirect Expenses |
| Telephone Expenses | Indirect Expenses |
| Telephone Securities | Indirect Expenses |
| Trade Expenses | Indirect Expenses |
| Travelling Expenses | Indirect Expenses |
| Vehicle Repair | Indirect Expenses |
| Fitting Charges Received | Indirect Incomes |
| Bad Debts Received | Indirect Incomes |
| Bad Debts Reserve (last year balance) | Indirect Incomes |
| Commission (Cr.) / Commission Received | Indirect Incomes |
| Discount (Cr.) / Discount Received | Indirect Incomes |
| Income From Repair | Indirect Incomes |
| Income on Assets | Indirect Incomes |
| Income on Investments | Indirect Incomes |
| Insurance Claim | Indirect Incomes |
| Interest on Drawing | Indirect Incomes |
| Interest Received (Cr.) | Indirect Incomes |
| Miscellaneous Income | Indirect Incomes |
| Profit on Consignment | Indirect Incomes |
| Profit on Jointventure | Indirect Incomes |
| Provision for Discount on Creditors | Indirect Incomes |
| Rent Received | Indirect Incomes |
| Repairing Charges Received | Indirect Incomes |
| Invest in Govt. Bond | Investment |
| Investment | Investment |
| Master Plus | Investment |
| Mutual Fund | Investment |
| Shares / Bonds | Investment |
| Bank Loan | Loans & Liabilities |
| Loan on Mortgage, Loans | Loans & Liabilities |
| Purchase | Purchase Account |
| Purchase of Raw Material | Purchase Account |
| Purchase Return | Purchase Account |
| Purchase UP/ Ex-UP | Purchase Account |
| Return Outward | Purchase Account |
| Goods Sent on Consignment | Sales Account |
| Return Inward | Sales Account |
| Sales | Sales Account |
| Sales Return | Sales Account |
| Sales UP/ Sales Ex-UP | Sales Account |
| Closing Stock | Stock in Hand |
| Opening Stock | Stock in Hand |
| Stock (1st April and 31st March) | Stock in Hand |
| Creditors | Sundry Creditors |
| Sundry Creditors | Sundry Creditors |
| Debtors | Sundry Debtors |
| Insurance Company | Sundry Debtors |
| Railway Authority | Sundry Debtors |
| Sundry Debtors | Sundry Debtors |
| Difference in Trial Balance (Dr or Cr) | Suspense Account |
