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Current account to savings account

08 July 2023

Dear experts,

transferring money from current account to savings account (both relates to partner of company) how to write in his personal books it is loan or drawings, pls explain

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7 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 July 2023

If its from partner's Current account then its not loan...

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gaddala ramesh (163 Points)
Replied 08 July 2023

It is not loan than how to write

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 08 July 2023

The Current Account is Another mode of Capital account for Partners.
if in the CA having credit balance then the amount will be as Drawing...

Otherwise You can account the amount as loan before confirming the details from partnerss.

1 Like

Yasaswi Gomes new (Finance ) (4514 Points)
Replied 09 July 2023

Why do you want to change yo savings account? Every month my banker debits 1000/- for not maintaining minimum balance. Zero balance accounts will comeback afte cbdc

gaddala ramesh (163 Points)
Replied 11 July 2023

Your answer not understanding where deducting rs 1000

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Sanjana Mohanty (100 Points)
Replied 13 July 2023

When transferring money from a current account to a savings account belonging to a partner of the company, it should be recorded as a "drawings" transaction in the partner's personal books.