ACCOUNT NUMBER

ACCOUNT NUMBER

You have to assign an account number for every ledger account and individual account. Structure of account number is :

AAAA / BBB

                                                  Primary code         Secondary Code

Basic Chart of account recommended :

Account No.              Related Accounts                                                    Type

1xxx/xxx                    Capital/Retained Earnings, Drawing,                    A,B,C

                                   Long Term Liabilities

2xxx/xxx                    Fixed Assets,                                                            D,E

                                   Provision For Depreciation

           

3xxx/xxx                    Current Assets,                                                        F

                                   Prepaid Expenses

4xxx/xxx                    Current Liabilities,                                                    G

                                   Accrued Expenses

5xxx/xxx                    Sales , Income,                                                       H,I.L.S

                                   Sales Return

6xxx/xxx                    Cost of Goods Sold                                           

7xxx/xxx                    Manufacturing Account                                         J

8xxx/xxx                    Other Accounts                                                      P,T

                                   (Taxation, Appropriation

                                   Account)

9xxx/xxx                     Expenses, Depreciation                                      M