Chart of Accounts
Chart of Account (COA) is a coding system which financial transactions are recorded. Chart of Accounts is used for Accounts Reporting and Making Account statements. The Chart of account is the basic of accounts for recording in an accounting system, with separation of accounts like assets, liabilities, banks, expenses, Clients, Suppliers, e.g. We will give the numbers for identify the accounts. A list of these numbers with the specific descriptions of accounts is called a chart of accounts. This chart of Account is Especially Design for Accounting Software.
OWNERS EQUITY
Total Assets of the business are Owners Equity, Like Owners Business, Home, and any other assets that the owner has all owners’ equity.
| Coding |
Title |
Level No |
Type |
| 10 | OWNERS EQUITY | OE | OE |
| 1001 | |||
| 1001001 | HOME EXPENSES | OE | OE |
| 1001002 | ELECTRICITY Bill 01 | OE | OE |
| 1001003 | ELECTRICITY Bill 02 | OE | OE |
| 1001004 | SUI GAS bill | OE | OE |
| 1001005 | WATER BILL (HOME) | OE | OE |
| 1001006 | PHONE No.bill 01 | OE | OE |
| 1001007 | PHONE No.bill 02 | OE | OE |
| 1001008 | CHILDERN FEES | OE | OE |
LONG TERM LIABILITIES
Long term liabilities are those liabilities that are used more than one year.
| 20 | LONG TERM LIABILITIES | LB | LB |
| 2002 | LONG TERM LIABILITIES | ||
| 2002001 | BANKS | LB | LB |
| 2002002 | PERSONAL SOURCES | LB | LB |
| 2002003 | LOAN FROM UNCLE | LB | LB |
| 2002004 | LOAN FROM MR.Mehd | LB | LB |
| 2201 | ASSETS | LB | LB |
| 2002001 | BANK OF PUNJAB | LB | LB |
| 2002002 | MACHINE – BANK | LB | LB |
| 2002003 | SCB BANK | LB | LB |
| 2002004 | GENERATOR -BANK | LB | LB |
| 2002005 | MEHRAN UBL | LB | LB |
| 2002006 | HONDA – UBL | LB | LB |
| 2002007 | SCB | LB | LB |
| 2200008 | CULTUS SCB | LB | LB |
SHORT TERM LOAN
That is taken for less than five years are called short term loan.
| 30 | SHORT TERM LOAN | BA | BA |
| 3001 | |||
| 3001001 | SHORT TERM LOAN – BOP | BA | BA |
| 3001002 | BOP RUNNING FINANCE | BA | BA |
| 3001003 | SHORT TERM LOAN – Bank | BA | BA |
| 3001004 | RUNNING FINANCE – Bank | BA | BA |
SUPPLIERS / TRADE CREDITORS
Suppliers are that is providing services and goods. We can purchase the goods and services from suppliers or trade creditors for both benefits.
| 31 | TRADE CREDITORS | SP | SP |
| 3101 | TRADE CREDITORS | ||
| 3101001 | PAPER, BOARD SUPPLIERS | SP | SP |
| 3101002 | CHEMICALS SUPPLIERS | SP | SP |
| 3101003 | RUBBER SUPPLIERS | SP | SP |
| 3101004 | PLATES SUPPLIERS | SP | SP |
| 3101005 | CLOTH SUPPLIERS | SP | SP |
| 3101006 | PACKING MATERIAL | SP | SP |
MARK UP PAYABLE
Mark up means the interest that is taken by bank against Our Loan. Markup payable means the interest amount that is payable to bank, With specific Installment.
| 3208 | |||
| 3208001 | MARK UP PAYABLE | CL | CL |
| 3208001001 | MARK UP PAYABLE – BANK | CL | CL |
| 3208001002 | MARK UP PAYABLE – FAYSAL | CL | CL |
| 3208001003 | MARK UP PAYABLE – UBL | CL | CL |
FIXED ASSETS
Fixed assets are that assets that is fixed e.g. building, Plant and machinery, furniture and fixture, vehicles, that is using for business or personal purpose.
| 50 | |||
| FIXED ASSETS | FA | FA | |
| 5001 | LAND | ||
| 5001001 | LAND – FACTORY | FA | FA |
| 5001002 | LAND – Lahore | FA | FA |
| 5001003 | RESIDENTIAL Islamabad | FA | FA |
| 5002 | BUILDING | FA | FA |
| 5002001 | |||
| 5002001001 | FACTORY BUILDING | FA | FA |
| 5002001002 | BUILDING – LAHORE | FA | FA |
| 5002002003 | RESIDENTIAL BUILDING | FA | FA |
| 5003 | DEPRECIATION BUILDING | FA | FA |
| 5003001 | |||
| 5003001001 | DEP FACTORY BUILDING | FA | FA |
| 5003001002 | HOME BUILDING | FA | FA |
| 5003001003 | BUILDING | FA | FA |
| 5003001004 | ESIDENTIAL BUILDING | FA | FA |
| 5003001005 | DEPRECIATION QUARTER | FA | FA |
| 5004 | PLANT AND MACHINERY | FA | FA |
| 5004001 | |||
| 5004001001 | PLANT AND MACHINERY | FA | FA |
| FA | FA | ||
| 5005 | DEP MACHINERY | FA | FA |
| 5005001 | DEP PLANT & MACH | FA | FA |
| FA | FA | ||
| 5013 | VEHICLES | FA | FA |
| FA | FA | ||
| 5014 | DEPRECIATION VEHICLES | FA | FA |
| FA | FA | ||
ACCOUNT DEPRECIATION
Account Depreciation means we deduct the amount of percentage for yearly basis as depreciation. E.g. building, Plant and machinery, furniture and fixture, vehicles
LEASED ASSETS
Leased assets are that assets that is taken in leased from banks.
| 5015 | |||
| 5015 | LEASED ASSETS | FA | FA |
| 5015001001 | Honda On Leased | ||
| 5015001002 | Motor Cycle On Leased | FA | FA |
WORK IN PROGRESS
A work in progress mean that work that is on working not completed or uncompleted work are called work in progress.
In working companies there are three types of materials
Raw material
Work in Progress
Finished goods
| 52 | WORK IN PROGRESS | OA | OA |
| 5201 | |||
| 5201001 | W.I. PROGRESS BUILDING | OA | OA |
| W.I. P BUILDING LAHORE | OA | OA |
STOCK IN TRANSIT
The stock that is not receiving yet means which is being transferred to factory.
| 62 | STOCK IN TRANSIT | OA | OA |
| 6201 | |||
| 6201001 | STOCK IN TRANSIT | OA | OA |
TRADE DEBTORS / CLIENTS
Clients mean that working companies where we are supplying goods and services for benefit for both parties.
| TRADE DEBTORS | CT | CT | |
| 63 | |||
| 6301 | |||
| 6301001001 | SS COMPANY | CT | CT |
| 6301001002 | Star Pharma | CT | CT |
| 6301001003 | S.S Packages | CT | CT |
| 6301001004 | Global Enterprises | CT | CT
|
