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Tally Software > Learn Tally Software > How many type of account in tally?
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How many type of account in tally?

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In Tally, there are typically five types of accounts: Assets: These are resources owned by the business, such as cash, inventory, equipment, and accounts receivable Liabilities: These are obligations or debts owed by the business, such as loans, accounts payable, and accrued expenses ...
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In Tally, there are typically five types of accounts:

  1. Assets: These are resources owned by the business, such as cash, inventory, equipment, and accounts receivable
  1. Liabilities: These are obligations or debts owed by the business, such as loans, accounts payable, and accrued expenses
  1. Income: These accounts track the revenue earned by the business from its primary operations, such as sales revenue, service income, and interest income.
  1. Expenses: These accounts record the costs incurred by the business to generate revenue, such as rent, salaries, utilities, and advertising expenses
  1. Capital: This account represents the owner's equity in the business, including investments made by the owner and retained earnings.

 

These five types of accounts cover the major financial transactions and categories typically encountered in business accounting.

 

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