[Answer] Which Ledger Comes Under which Group in Tally

by ADAMDecember 12, 20230 Comments

Welcome again to our blog, today we will talk about which account comes under which group in Tally. The reason to talk about this topic is that in Tally and Accounts-related exams, MCQ-type questions are asked which are related to this topic, so this topic is very important from the exam point of view and also for basic knowledge.


list of ledgers in Tally


Before we talk about some examples let me tell you a list of ledgers in Tally:


Assets:


  • Cash
  • Bank Accounts (Savings, Current, etc.)
  • Inventory
  • Accounts Receivable (Debtors)
  • Fixed Assets (Machinery, Equipment, Vehicles, etc.)


Liabilities:


  • Accounts Payable (Creditors)
  • Loans Payable
  • Accrued Expenses
  • Taxes Payable


Income:


  • Sales
  • Service Income
  • Interest Income
  • Rental Income


Expenses:


  • Rent
  • Salaries and Wages
  • Utilities (Electricity, Water, etc.)
  • Office Supplies
  • Advertising and Marketing Expenses
  • Depreciation



Let me show you some examples:


Q.1: Which ledger group includes accounts like bank accounts, cash, and inventory?

A) Liabilities

B) Income

C) Assets

D) Expenses


Q.2: Which ledger group comprises accounts related to revenue or money earned by the business?

A) Expenses

B) Assets

C) Liabilities

D) Income


I hope now you understand the reason so let's come to our main point.


Which Ledger Comes Under Which Group in Tally

Check out the table for Ledger:


Ledger GroupDescription
AssetsLedger accounts represent what a company owns or is owed, e.g., bank accounts, cash, inventory, etc.
LiabilitiesLedger accounts represent what a company owes to others, e.g., loans, outstanding bills, etc.
IncomeAccounts related to revenue or money earned by the business, e.g., sales, service income, etc.
ExpensesLedger accounts associated with costs incurred by the business, e.g., rent, salaries, utilities, etc.



Conclusion 


I hope you guys understand which ledger comes under which group in Tally now I believe you can solve any question related to this topic for more topics you can follow our blog.

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