What is Accounting Ledger and which ledger goes in to which Group ???

An Accounting Ledger is an account to record transaction entries for final statements (Balance-Sheet, Income/ Expenditure Account)
Tally Ledger Group List

While creating ledgers in Tally, we all face the problem about ledgers and their correct head (group).

Hence this Ledger list is prepared.

Group Name            Ledger Name

Capital Account                             Capital A/c

                                                       Drawings A/c

Purchase Accounts                        Purchase A/c

                                                      Purchase Return A/c

Sales Accounts                             Sales A/c

                                                    Sales Return A/c

Duties & Taxes                  All types of Taxes like

                                                  GST (CGST, SGST, IGST)

                                                  CESS

                                                   Excise Duty

                                                  VAT

                                                  TDS

                                                  TCS

Bank Accounts                 Company’s all Bank Accounts

                                                State Bank of India A/c

                                                Punjab National Bank A/c

                                                HDFC Bank A/c

                                                ICICI Bank A/c

Fixed Assets                     All fixed assets on which Depreciation Charged like

                                                Computer

                                                Machinery

                                                Building

                                                Plant

                                                Furniture

Indirect Expenses            Company’s all office Expenses like

                                                Salary Exp.

                                                Commission Exp.

                                                Rent Exp.

                                                Interest Exp.

                                                Bank Charges

                                                Advertisement Exp.

                                                Bad Debts

                                                Audit Fees

                                                Professional Charges

                                                Legal Exp.

                                                Royalty Paid

                                                Free Sample

                                                Interest on Loan

                                                Travelling Exp.

Current Assets                 All Expenses which are paid in advance like

                                                Prepaid Rent

                                                Prepaid Insurance Charges

                                                Mutual Fund

                                         All Incomes which are earned but not received like

                                                Interest Receivables

                                                Bills Receivables

Sundry Creditors            A person or company who gives goods or service to the business in credit or        does not receive the payment immediately from the business and is liable to          receive the payment from the business in future is called a Sundry Creditor.

Sundry Debtors                A person or company who receives goods or service from the business in credit or does not make payment immediately to the business and is liable to pay the payment to the business in future is called a Sundry Debtor.

Bank OCC                      Cash credit limit taken from bank.

Bank OD                         Overdraft limit taken from bank.