CHART OF ACCOUNTS IN MALAYSIA PREPARED BY REVATHI

CHART OF ACCOUNTS IN MALAYSIA PREPARED BY REVATHI ANGAMMAI ANNAMALAI

INTRODUCTION The chart of accounts which are based on the need of Malaysia Public sector Accounting Standards which is from the source of International Public Sector accounting Standard (PSAS) Some of the characteristics of chart of accounts are the type, of chart, the class of the account and the multiples of chart of accounts that shows the specifications of the revenue, expenditure, assets, liabilities and equities The main function of having this chart of accounts are to avoid drastic changes in the usage of the coding

TYPE OF ACCOUNTS The type of accounts are divided into five parts which is § Revenues § Expenditure § Assets § Liabilities § Equity

CLASSES OF ACCOUNT The classification of accounts are much more smaller and has to be shown as the type of accounts. For revenue the coding is 01 under revenue from non exchange business and 02 for the revenue from exchange business For expenditure its also similar which is 01 which categorizes wages, salaries, and benefits from the workers and 02 services and things that are bought The last one is assets which the codes 14 examples are like land, industries and furnitures whereby for the code 31 its decrease in the value for assets.

SOME EXAMPLES OF THE CHART OF THE SUBACCOUNTS Some of the examples are code like tax income and additional tax income to the individual under the code of 101 which is direct tax Whereby for expenditure the sub series of the chart of accounts are 101 which is normal salary for workers For assets 102 is for the normal salary which taken from the states and also the land which is owned by the land

Here is an example of what a chart of accounts for a very small business may look like: EXAMPLE OF CHART OF ACCOUNTS Account Classification Account Number Account Type Account Number Sub Account Name Balance Sheet 1000 Assets 1100 Current Assets 1110 Bank 1120 Cash on hand 1130 Petty Cash 1140 Debtors 1150 Stock on hand 1210 Furniture and Fittings 1220 Office Equipment 1230 Company Car 2110 Bank Overdraft 2120 Creditors 2130 GST payable 2140 PAYE tax payable 2210 Company Car Loan 2220 Equipment Loan 2230 Long Term Loan 3110 Owners Capital 3220 Retained Earnings 3300 Current Profit 4100 Product 1 sales 4105 Commissions paid on product 1 sales 4200 Product 2 Sales 4210 Freight on Product 2 sales 4300 Product 3 sales 5100 Product 1 purchases 5200 Product 2 purchases 5300 Product 3 purchases 6110 Rent 6120 Wages/salaries 6130 Company car expenses 6140 Website hosting 6150 Utilities 6210 Advertising 6220 Freight Non- Current Assets 2000 Liabilities 2100 2200 3000 Profit and Loss 4000 5000 6000 Current Liabilities Non- Current Liabilities Equity Revenue Cost of Goods Sold Expenses 6100 6200 Fixed Variable

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