Question
Explain five primary groups in Tally.
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Answer
primary groups in Tally:
- Capital: Owner's Capital, Partner's Capital, Equity Share Capital, Preference Share Capital comes under it. It is a primary group.
- Reserve & Surplus: It is the sub group of Capital A/c. It includes General reserve, Capital Reserve etc.
- Loans: It is used to keep the record of the Loans taken by the Company. It is a primary group which contains following sub groups:
- Bank Overdraft: Bank overdraft and cash credit facility taken from bank are placed under this group.
- Secured Loans: The Loans which are taken against a security like mortgage, pledge etc. are placed under it.
- Unsecured Loans: Apart from Secured Loans rest loans are unsecured which come under this subgroup.
- Current Liabilities: It is a primary group which has three subgroups:
- Duties & Taxes: The accounts related to duties & taxes you collect or pay through sale and purchase come under it.
- Provisions: All the provisions which are made for the future e.g., Provision for tax, proposed dividend, Bad debts.
- Sundry Creditors: All traders, suppliers which provide goods on credit basis to business.
- Other Current Liabilities: Place all other current liabilities in this group like Outstanding Exp, Provident Fund, Tax Deducted at Source (TDS) etc.
- Fixed Assets: Immovable properties like patents, Trade Rights, Plant, Goodwill, Building etc.
- Investment: Investment Ledger account relates to Shares, Bonds, Govt. Securities and investment in other company.
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