ITT Council

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)...