Partnership/Private Firm Chart of Account 0 view Balance Sheet 1 view Assets 10 view Cash 101 liquidity Checking account balance (as shown in company records), currency, coins, checks received from customers but not yet deposited. Accounts Receivable 120 receivable Amounts owed to the company for services performed or products sold but not yet paid for. Merchandise Inventory 140 other Cost of merchandise purchased but has not yet been sold. Supplies 150 other Cost of supplies that have not yet been used. Supplies that have been used are recorded in Supplies Expense. Prepaid Insurance 160 other Cost of insurance that is paid in advance and includes a future accounting period. Land 170 other Cost to acquire and prepare land for use by the company. Buildings 175 other Cost to purchase or construct buildings for use by the company. Accumulated Depreciation - Buildings 178 other Amount of the buildings' cost that has been allocated to Depreciation Expense since the time the building was acquired. Equipment 180 other Cost to acquire and prepare equipment for use by the company. Accumulated Depreciation - Equipment 188 other Amount of equipment's cost that has been allocated to Depreciation Expense since the time the equipment was acquired. Tax Receivable 189 other Liabilities 20 view Notes Payable 210 other The amount of principal due on a formal written promise to pay. Loans from banks are included in this account. Accounts Payable 215 payable Amount owed to suppliers who provided goods and services to the company but did not require immediate payment in cash. Wages Payable 220 other Amount owed to employees for hours worked but not yet paid. Interest Payable 230 other Amount owed for interest on Notes Payable up until the date of the balance sheet. This is computed by multiplying the amount of the note times the effective interest rate times the time period. Unearned Revenues 240 other Amounts received in advance of delivering goods or providing services. When the goods are delivered or services are provided, this liability amount decreases. Mortgage Loan Payable 250 other A formal loan that involves a lien on real estate until the loan is repaid. Reserve and Surplus Account 260 other A Reserve and Surplus Account. Tax payable 216 view Sales Tax Payable 2161 other VAT Payable 2162 other Service Tax Payable 2163 other Exice Duty Payable 2164 other Owner's Equity Accounts 29 view Profit And Loss 3 view Income 30 view Operating Revenue Accounts 31 view Service Revenues 310 other Amounts earned from providing services to clients, either for cash or on credit. When a service is provided on credit, both this account and Accounts Receivable will increase. When a service is provided for immediate cash, both this account and Cash will increase. Product Sales 311 other Sales of product account Non-Operating Revenue and Gains 80 view Interest Revenues 810 other Interest and dividends earned on bank accounts, investments or notes receivable. This account is increased when the interest is earned and either Cash or Interest Receivable is also increased. Gain on Sale of Assets 811 other Occurs when the company sells one of its assets (other than inventory) for more than the asset's book value. Expense 50 view Operating Expense Accounts 51 view Salaries Expense 500 other Expenses incurred for the work performed by salaried employees during the accounting period. These employees normally receive a fixed amount on a weekly, monthly, or annual basis. Wages Expense 510 other Expenses incurred for the work performed by non-salaried employees during the accounting period. These employees receive an hourly rate of pay. Supplies Expense 540 other Cost of supplies used up during the accounting period. Rent Expense 560 other Cost of occupying rented facilities during the accounting period. Utilities Expense 570 other Costs for electricity, heat, water, and sewer that were used during the accounting period. Telephone Expense 576 other Cost of telephone used during the current accounting period. Advertising Expense 610 other Costs incurred by the company during the accounting period for ads, promotions, and other selling and expenses (other than salaries). Depreciation Expense 750 other Cost of long-term assets allocated to expense during the current accounting period. Non-Operating Expenses and Losses 90 view Loss on Sale of Assets 960 other Occurs when the company sells one of its assets (other than inventory) for less than the asset's book value. India - Chart of Accounts for Private Ltd/Partnership India - Chart of Accounts for Private Ltd/Partnership account.chart.template default