ITT Council

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.    ...