In: Accounting
Prepare a catalog of accounts with all the groups of an
accounting system, and you should also consider having the
flexibility necessary to incorporate accounts for future growth in
business.
The number of digits employed in your catalog is under your
authority.
Catalog of Accounts :
Account Groups | Account Heads | |
I . Equity and Liabilities : | ||
1. Shareholders Fund | ||
Share Capital | Capital Account | |
Reserves and Surplus | Capital Reserves , Capital Redumption reserve , Security premium reserve , Debenture redumption reserve , Revaluation reserves, Other reserves | |
2. Non current Liabilities | ||
Long term borrowings | Bonds / Debentures , Term loans , Deffered payment liabilities ,Deposits ,Loans and advances | |
Other long term liabilities | Nature of Liabilties other than above | |
Long term provisions | Provision for employee benefit , Provisions for pending litigation | |
3. Current Liabilities | ||
Short term borrowings | Loan repayable on Demand , Loans and advances | |
Trade Payables | ||
Other current Liabilities | Current maturities of long term debt ,Interest due on borrowings ,Income received in advance | |
Short - term provisions | Provision for doubt ful debts | |
II. Assets | ||
1. Non - Current assets | ||
Plant property Equipments | ||
Tangible assets | Land , Building , plant and Equipment | |
Intangible assets | Goodwill , Patent ,License , Royalty | |
Capital work in Progress | ||
Intangible assets under Development | ||
Non - Current investment | Investments in Property , Shares , Government or trust securities | |
Longterm loans and advances | Capital advances , Security deposit | |
other non current asset | Long term trade receivables , Secutiy deposits , Refundable Tax and retes | |
2. Current assets | ||
Current investments | Investment made for short time period | |
Inventories | Raw material , Work in progress , Finished goods | |
Trade Receivables | Aggregate amount of Trade receivable outstanding | |
cash and cash equilance | Balances with bank , Cheques , Drafts ,Cash on hand | |
Short term loans and advances | ||
Other current assets | ||
III . Direct Incomes | Sale of product or services | |
IV . Direct Expenses | Cost of Goods sold | |
V . Indirect Incomes | Income derived that are not related to business - Interest income , Dividend | |
VI . Indirect Expenses | Expenses not directly attributed to manufacturing |