Difference between Account Current & Current Account
Shikha Singh (CA Final Student) (38 Points)
08 November 2010
Shikha Singh (CA Final Student) (38 Points)
08 November 2010
Devendra
(Chartered Accountant)
(4775 Points)
Replied 08 November 2010
Account Current
An Account Current is a running statement of transactions between two parties for a given period which includes interest allowed or charged on various items. It is prepared when frequent transactions regularly take place between the two parties. For Eg. A Consignee prepares an Account Current of the transactions.
Current Account
Current Account refers to an account in a Bank which is opened mostly for Business purpose ie. for depositing and withdrawing cash. Banks generally do not credit interest in Current Accounts.
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