ITT Council

Details Groups of Accounts Part 3,    8.  Miscellaneous Expenses (Asset) - This group is typically used for legal disclosure requirements such as Schedule VI of the Indian Companies Act. It should hold incorporation and pre-operative expenses. Companies would write off a permissible portion of the account every year. A balance remains to an extent that cannot be written off in Profit & Loss Account. Tally does not show loss, carried forward in the Profit & Loss Account, under this group. The Profit & Loss Account balance is displayed separately in the Balance Sheet. 9.  Branch/Divisions - This maintains ledger accounts of all your company’s branches, divisions, affiliates, sister concerns, subsidiaries and so on. Tally permits Sales and  Purchase transactions to take place with accounts opened here. Remember, these are their accounts in your books and not their books of accounts. Just treat them as any other party account. If you wish to ma...