There are several instruments (e.g. personal check, business check. bank draft).
1. Yes it is, drawing account is the contra account used to reduce the owners capital account in case of owners withdraw the money from business and it is temporary account which is ultimately closed to capital account
When owners of the company withdraw cash it is charged through drawings account so whenever and any time when they withdraw money it definitely increases the drawing account in the same way when owners introduce additional capital in business increases the capital account.
Bad checks are checks that customers have written in payment of goods or services that, when presented to the bank for payment, are returned because there is not enough money in the customers account to meet the amount stated on the check. In some countries it is a criminal offense to write a bad check.
A draw or drawing account is a temporary account used by proprietorships and partnerships to record withdrawals by the owners. Draw accounts are contra-equity and have a debit balance. Entries in a draw account are typically closed to the owner's capital account at the end of a period.
money in a bank account, when u put money into an account it is called a deposit.
A money market account is like a savings account. The disadvantage is that there will not be much interest or return. The advantage is , subject to the restrictions stated when you open the account, you can quickly get all your money out.
1. Yes it is, drawing account is the contra account used to reduce the owners capital account in case of owners withdraw the money from business and it is temporary account which is ultimately closed to capital account
A person may get in trouble if they suddenly transfer money to an account out of the country.
A written order to pay a specific amount of money to a person or company out of an account is called a voucher.
Usually the owner of the property is the one that pays the property taxes on the owners property. Some time the mortgage company will pay them from a escrow account but the money that is in the escrow account comes from the property owners monthly payments.
When owners of the company withdraw cash it is charged through drawings account so whenever and any time when they withdraw money it definitely increases the drawing account in the same way when owners introduce additional capital in business increases the capital account.
overdrawn
No. As with any bank account only the account owner can withdraw money from the account. If the mother set up the account as a joint account with her daughter (with both mother's and daughter's name on the account as joint owners) the full ownership of the account passed to the daughter when the mother died. No one else can make withdrawals.
You should open a fixed deposit account as in this kind of an account you deposit money for a stated period of time and a fixed interest rate is paid at the end of the tenure. It is not affected by fluctuations in the money market.
Bad checks are checks that customers have written in payment of goods or services that, when presented to the bank for payment, are returned because there is not enough money in the customers account to meet the amount stated on the check. In some countries it is a criminal offense to write a bad check.
They can close your account because of inactivity but they cannot take your money. If you go to them and submit a written request, they are legally bound to return your money. And, that is if, there is anything left in your account after subtracting the charges the bank may charge you for keeping your account inactive.
A drawing account and the only one I know of is usually listed as a Withdrawal account, which is an account used to record money an owner withdraws for personal (private) use. A withdrawal account will affect the financial statement by decreasing assets and owners equity.