Current account distinguishes drawing accounts from fixed deposits and governs partner or entrepreneur accounting relations. Current account is a banking and commercial accounting concept distinguishing drawing accounts from fixed deposit accounts; in partnership and firm ... Summary
Current account distinguishes drawing accounts from fixed deposits and governs partner or entrepreneur accounting relations.
Current account is a banking and commercial accounting concept distinguishing drawing accounts from fixed deposit accounts; in partnership and firm accounting a current account denotes an ongoing transactional "account current" maintained between each partner or the entrepreneur and the business to record mutual debits and credits. A general deposit describes a relationship where the money deposited is not returned in specie but an equivalent sum is payable, creating a like-sum obligation rather than restitution of the same funds.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
