Chart of Accounts
Chart of accounts is the list of various accounting head in an organization opened for recording accounting transactions. The chart of accounts also shows the ledger balances of various accounting heads on a particular date.
Mainly Chart of accounts concept is used in ERP and SAP. In normal accounting software like Tally, Chart of accounts facility is not available; however you can see the Ledger list in display section.
The Chart of accounts looks like the following table.
| GL Code | GL Name | Debit Balance | Credit Balance |
| 100001 | EQUITY AND LIABILITIES | ||
| 100002 | Shareholders’ Funds | ||
| 100003 | (A) Share Capital | – | – |
| 100004 | Authorised: | ||
| 100005 | Issued, Subscribed & Paid up | ||
| 100006 | (B) Reserves and Surplus | 321,321 | 624,904 |
| 100007 | (C) Money received against share warrants | – | – |
| 100011 | Non-Current Liabilities | ||
| 100012 | (A) Long Term Borrowings | – | – |
| 100013 | UCO Bank | 123,584 | |
| 100014 | SBI Bank | 89,657 | |
| 100015 | (B) Deferred Tax Liabilities (Net) | – | 2,563 |
| 100016 | (C) Other Long-Term Liabilities | – | – |
| 100017 | Kamal Nath & Associates | 259 | |
| 100018 | J.K. Cements | 48,763 | |
| 100019 | (D) Long-Term Provisions | – | – |
| 100020 | Provision for Sales tax demand | 25,849 | |
| 100021 | Provision for Income tax demand | 47,856 | |
| 100023 | Current Liabilities | ||
| 100024 | (A) Short Term Borrowings | (141,212) | (3,246) |
| 100025 | ICICI Bank | ||
| 100026 | PNB Bank | ||
| 100027 | (B) Trade Payables | – | – |
| 100028 | (C) Other Current Liabilities | 1,845,984 | 1,949,354 |
| 100029 | Advances From Customers | ||
| 100030 | Other Payables | ||
| 100031 | i) Employee Related Liabilities | 25,668 | |
| 100032 | ii) Statutory Liabilities | 4,789 | |
| 100033 | iii) Supplier of Fixed Assets | 3,698 | |
| 100034 | iv) Other Expenses Payable | 1,478 | |
| 100035 | (D) Short Term Provisions | 858,707 | 815,881 |
| 100036 | Provions for tax | ||
| 100037 | Provision for doubtful debts | ||
| 100038 | 2,563,479 | 2,761,989 | |
| 100039 | Total Liablilities | 1,321,321 | 23,123,213 |
| 100040 | ASSETS | ||
| 100041 | Non-Current Assets | ||
| 100042 | (A) Fixed Assets | ||
| 100043 | (I) Tangible Assts | 32,132 | – |
| 100044 | (II) Intangible Assets | 13,311 | – |
| 100045 | (B) Non-Current Investments | 33,131 | – |
| 100046 | (C) Deferred Tax Assets (Net) | – | – |
| 100047 | (D) Long-Term Loans And Advances | 321,321 | – |
| 100048 | (E) Other Non-Current Assets | – | – |
| 100050 | Current Assets | ||
| 100051 | (A) Current Investments | 33,232 | – |
| 100052 | (B) Inventories | 3,132,321 | – |
| 100053 | (C)Trade Receivables | 889,335 | – |
| 100054 | (D) Cash And Cash Equivalents | 78,955 | – |
| 100055 | Bank Balance | ||
| 100056 | Fixed Deposit | ||
| 100057 | (E) Short-Term Loans And Advances | – | 2,558 |
| 100058 | (F) Other Current Assets | 989,898 | – |
| 100060 | 12,584,235 | 2,558 | |
| 100061 | Revenue From Operations(Net) | – | 322,853 |
| 100062 | Other Income | – | 1,225,842 |
| 100063 | Total Revenue(1+2) | – | 22,584,252 |
| 100064 | Expenses | ||
| 100065 | a) Cost of Material Consumed | – | – |
| 100066 | b) Purchase of Stock-In-Trade | 5,575 | 254,129 |
| 100067 | c) Changes In Inventories of Finished Goods | 321,313 | – |
| 100068 | Work-In-Progress And Stock -In-Trade | 33,213 | – |
| 100069 | d) Employee Benefits Expenses | 23,213 | – |
| 100070 | e) Finance Costs | 258 | – |
| 100071 | f) Depreciation And Amortization Expense | – | – |
| 100072 | g) Other Expenses | 3,123 | – |
| 100073 | Audit Fee | 21,315 | |
| 100074 | Books & Periodicals | 39,507 | |
| 100075 | Conveyance Exp | 57,699 | |
| 100076 | Documentary Expenses | 75,891 | |
| 100077 | Electricity Charges | 94,083 | |
| 100078 | Entertainment Expenses | 112,275 | |
| 100079 | Festivle Expenses | 130,467 | |
| 100080 | Insurance -Vehicle | 148,659 | |
| 100081 | Internet Charges | 166,851 | |
| 100082 | Legal & Professional Charges | 185,043 | |
| 100083 | Office Exp. | 203,235 | |
| 100084 | Postage & Courier | 221,427 | |
| 100085 | Printing & Stationery | 239,619 | |
| 100086 | Rent | 257,811 | |
| 100087 | Recruitment service Charges | 276,003 | |
| 100088 | Repait & maintenance | 294,195 | |
| 100089 | Sales Promotion Exp | 312,387 | |
| 100090 | Software Maintenance | 330,579 | |
| 100091 | Server Maintenance Charges | 348,771 | |
| 100092 | Short & Excess | 366,963 | |
| 100093 | Sevice Tax Interest | 385,155 | |
| 100094 | Subscription Fees | 403,347 | |
| 100095 | Swatch Bharat Cess | 421,539 | |
| 100096 | SMS/E-mail Charges | 439,731 | |
| 100097 | TDS Interest & charges | 457,923 | |
| 100098 | Income tax interest | 476,115 | |
| 100099 | Travelling Exp | – | 2,258 |
| 100100 | Telephone Exp | 512,499 | |
| 100101 | Vehicle Fuel | 530,691 | |
| 100102 | Vehicle Maintenance | 548,883 | |
| 100103 | Water Exp | 567,075 | |
| 100104 | Total Expenses | 386,695 | 22,555 |
| 100105 | |||
| 100106 | Profit Before Exceptional And | ||
| 100107 | Extraordinary Items And Tax (3-4) | (386,695) | 22,561,697 |
| 100108 | Exceptional Items | – | – |
| 100109 | Profit Before | ||
| 100110 | Extraordinary Items And Tax (5-6) | (386,695) | 22,561,697 |
| 100111 | Extraordinary Items | ||
| 100112 | Prior Period Income | – | 33,600 |
| 100113 | Profit Before Tax (7-8) | (386,695) | 22,595,297 |
| 100114 | Tax Expense | ||
| 100115 | a) Current Tax | 3,213 | 153,756 |
| 100116 | b) Earliar Years Tax | 2,323 | 28,430 |
| 100117 | c) Deferred Tax | 2,258 | (196,634) |
| 100118 | Profit after tax | (394,489) | 22,609,745 |
AS you can see, it shows all the accounts heads with their balances. You can also check the particular account details by click on it. It will show the full ledger entries from the date when you installed the software.
You can set the date of chart of accounts to check the balances on a particular date or between two dates. The chart of accounts shows all accounts heads which may have balances or not.
The chart of accounts is different from trail balance. The trail balance shows the all accounting heads with balances as on particular date. The debit and credit side of trial balances will always tally, that is not in the case of chart of accounts. The chart of accounts shows the profit & Loss balance, closing inventory balance also, which is not shown by trail balances.
Hope you have got the understanding of chart of accounts. You may also ask query by commenting.
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