Accounts which may be present in the general ledger include:
- plant and machinery at cost (fixed asset)
- motor vehicles at cost (fixed asset)
- various provisions for depreciation (liability)
- proprietor’s/shareholders’ capital (liability)
- stocks (current asset)
- total debtors (current asset)
- total creditors (current liability)
- wages and salaries (expense)
- rent and rates (expense)
- advertising (expense)
- sales (income)
The type of business determines which accounts will be present. For example, a consultancy business will not require a raw materials account but a manufacturing company most probably will.
