Ans.
1. In tally, all accounts entries can be grouped or sub grouped according
to the need of users.
2. Group means the type of the account. Functions of each group are
fixed.
3. Tally provides facility to user to create own group. Also it provides
28 predefined groups.
4. Out of these 28 groups, 15 are primary groups and 13 are sub groups.
Following is the list of groups that affects the Balance sheet.
1. Capital account: Handle investments or owner’s account. It has a
subgroup.
(A) Reserves and surplus: All reserves accounts
like general reserves, capital reserves etc.
2. Current assets: These assets are divided in 6 sub groups as follows
(A) Bank accounts: Holds bank transactions that
means current accounts, savings accounts, etc.
(B) Cash in hand: All cash track in ledger.
(C) Deposits (assets): Fixed deposits, security
deposits made by company.
(D) Loan and Advances (assets): If the company
gives any loan or advanced to other.
(E) Stock in hand: Keep records of opening or
closing stock of the material.
(F) Sundry debtors: This maintains the list of
all companies or persons to whom company gives material on credit.
3. Current Liabilities: It keeps track of outstanding liabilities or
statutory liabilities.
(A)
Duties and Taxes: All taxes and duties that are paid by company like Trade
duties, Excise, Local Sales Tax etc., are recorded under duties and taxes.
(B)
Provisions: It maintains records of all financial arrangement for possible
future requirements.
(C)
Sundry Creditors: Company purchase material or any other things on credit. Then
the list of all companies or persons is under sundry creditors to whom company
purchased material.
4. Fixed Assets: Handle accounts of all assets like machinery, buildings,
etc.
5. Investments: It keep records of overall investment like shares, Govt.
securities, Deposits etc.
6. Loans(liability): It keeps an account of the loans taken by company
and has following three subgroup:
(A)
Bank OD accounts: Keep all overdraft accounts.
(B)
secured loans: Keep track of loans taken by the company securities against the
fixed assets.
(C)
Unsecured Loans: Unconditional loan obtained from Partners/ Directors or other
parties.
7. Suspense Account: This account is used to enter the transactions whose
detai9ls are ye to tbe finalized.
8. Branch / Divisions: All the names of branches, divisions and
subsidiaries of the company.
9. Miscellaneous Expenses: Under this group all expenses are entered.
Following group affect Manufacturing, Trading and Profit and loss
accounts:
10. Purchase account: It is used to maintain
records of all purchase account.
11. Sales account: It keeps record of all sales.
12. Direct income: This group is used for
entering all direct incomes like sales of goods.
13. Indirect income: This group maintains the all
incomes other than sales. That means it keeps record of all incomes like rent
received, interest received etc.
14. Direct expenses: This group is used for
recording all direct expenses means the purchase of raw material, or wages of
workers.
15. Indirect expenses: This group is used to
maintain the records of all expenses other than direct expense. All salary
paid, rent paid, advertisement charges are under indirect expenses.