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How many times in a year can a proprietor withdraw money for personal use?
Wiki User
∙ 16y ago
A proprietor??? All year long... as a sole proprietor you're SUPPOSED to just take the money whenever it suits you. The only instance you would watch how often and regularly you take distributions is in if you are a shareholder in a corporation, and your salary is not "reasonable".
Wiki User
∙ 16y ago
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What is the Use of current account?
These accounts are similar to Savings accounts with two small differences. One is, the money in a current account does not earn interest and two is, you can withdraw any number of times. This account is for business people who would have high number of transactions in one single day.
What is the difference between current account and saving bank account?
A current account is one in which businesses keep some money and use it for their day to day transactions. The money in this account does not earn any interest and is available for usage to the customer at all times. A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.
The drawing account is a subdivision of the owner's capital account and appears as an expense on the income statement?
Drawing is the withdrawl by the proprietor in case of sole-proprietor ship business and by the partners in case of partnership businesses. But in case of company, there is no drawing as such (Public Ltd. company). Going by the Entity concept (GAAP), since the business or company is a legal (or artificial person) and is separate from proprietor or promoter, it should be debited to personal account of proprietor or promoter. Either it can be shown asset as under current assets or can be shown as deduction from capital (the effect is same as per mathematical equation or Accounting equation). In horizontal concept of balance sheet, as many books in India show, drawing is shown as dedcution from capital. It is not a expense rather it is asset for the company since either the promoter has to refund or it will be deducted from the capital (of the promoter) when the company is closed down. It is pity that very few books carry the meaning and treatment of drawing with detailed explantion for the same. The Accountants who practices the profession, they know that. But some times they even can not explain the story behind the deduction from capital. For query, any body can write to me at sridhar11bhuktha@rediffmail.com
Choosing the Right Savings Account?
When making the decision to open a savings account, there are many considerations a savvy consumer must keep in mind. By carelessly opening a savings account, a consumer risks throwing himself or herself into an account that may cost them money in the long run. In addition, it may difficult to close a particular savings account depending upon the bank. A person also does not want to choose the wrong savings account and then later have to close it. Sometimes, closing a savings account can reflect very poorly on a credit report. This is every consumer's worst nightmare, so it is important to research thoroughly and avoid making this mistake that other consumers have made in the past. First, it is important to consider the interest rate of a savings account. If one is new to the process of opening a savings account, it is important to understand that savings accounts actually pay consumers to keep their money locked up in the account. A consumer can make various amounts of money each month due to the interest rate of a savings account. This interest rate is referred to as an annual percentage yield (APY). Various banks have various annual percentage yields, so it is important to shop around and find the banks with the most solid interest rates. The higher the interest rate, the more money a person will make on the money he or she keeps locked up in a savings account. Another consideration to make is how easy it will be to access one's money in a savings account. Unfortunately, sometimes it can be very difficult to withdraw money from a savings account once a person has deposited it. Sometimes banks require that a person keep a minimum amount of money in a savings account at all times. This means that a person will have to always have a certain amount of money in the savings account and will never be able to spend that money. Other times, a person will have to go through a lengthy process to withdraw money. Or, sometimes a bank will take a long time to get the money to a consumer. Sometimes, it can take days for a person to receive money withdrawn from a savings account. Overall, opening a savings account is not a difficult process. However, one must do the necessary research to be fully aware of the process and understand the benefits of different accounts.
What is a net profit margin?
The Net Profit Margin is an Expression of the Net Profit as a percentage of the Revenue, where the Net Profit is the Revenue minus all Expenses. The Net Profit Margin can be calculated in the following ways: Net Profit Margin = Net Profit/Revenue*100 [or] Net Profit Margin = (Revenue - all Expenses)/Revenue*100
How many times does withdraw appear in Bible?
The word "withdraw" is in the King James Version of the Bible 11 times. It is in 11 verses.
Several times during the Gulf War the Iraqis offered to withdraw from Kuwait .?
They offered to withdraw from Kuwait in exchange for part of Kuwait.
Can husband withdraw from wife's personal savings account?
If it is a joint bank account, then yes. But a savings account cannot be drawn from very many times before handling fees are applied for most banks.
What about epf withdrawals?
Almost all of us are working for a company and we contribute a small percentage of our monthly salary into our EPF accounts. We all know that PF is a great saving instrument and it will help us generate a corpus for our retirement. All that being said, many of us do not know the fact that we can withdraw money from our PF account for emergency cash requirements. Yes, you read me right. WE CAN withdraw money from our PF accounts. After all, it is our money and we definitely have the right to take it when we need it the most. However a point to note here is that, there are a lot of restrictions with respect to taking money from your PF account. You need a lot of documents and need to meet certain criteria. For ex: If you want to take money for marriage or education you: 1. Must have completed 7 years of Service 2. Can withdraw for self/children/siblings marriage 3. Can withdraw for self/childrens education and you can withdraw 50% of the corpus and you can do it 3 times during your Total service Similarly there are numerous rules for each category under which you can withdraw money from your PF Account
What do banks do with your money?
Basically, they borrow it so that they can use it for different things. Sometimes, they lend out money to other customers. Other times, they may use the money to pay expenses, making sure to keep a decent protion of money deposited just in case someone needs to withdraw money. Occasionally, they invest it in other companies that they feel will help the money grow.
Why banks need to borrow money from RBI?
Banks may not have all the money they need for their day to day operations. In such cases where they have a deficit, they borrow money from RBI. For example, during festival seasons bank customers may withdraw more money than usual. So, at such times they may borrow extra money from RBI to meet their sudden withdrawal demands.
When was Money Times created?
Money Times was created in 1995.
Types of bank deposit?
1. Savings account - These are the simplest of deposits. You deposit money into your account and you can withdraw it anytime. There would be a small limitation on the number of times you can withdraw money from your account. The money in SB accounts earn an interest of around 3.5% per year 2. Current account - These are similar to Savings accounts with two small differences. One is, the money in a current account does not earn interest and two is, you can withdraw any number of times. This account is for business people who would have high number of transactions in one single day. 3. Fixed Deposit - This is a deposit product where you deposit a certain sum of money with the bank for a specific duration of time. As per the deposit agreement you are expected to let the money be with the bank based on the deposit tenure. Hence the interest offered on such deposits is higher than normal deposits. Also you will attract a penalty charge for pre-closing such deposits 4. Recurring Deposits - These are similar to fixed deposits with a differenc e being, you deposit a small amount of money every month into this account for a specified duration of time and the bank would compound the interest every month and pay you in lump at the end of the tenure.
What was money like in 1592 shakesphere times?
what was money like in shakesphere times
What is the difference between saving bank account and Current account?
A current account is one in which businesses keep some money and use it for their day to day transactions. The money in this account does not earn any interest and is available for usage to the customer at all times. A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.
How do you make liberty reserve money on forex market?
Liberty Reserve currency is a private digital currency. It doesn't usually trade on any regulated exchange or over the counter (OTC) with retail forex broker. The only way to get paid with liberty reserve dollars would be to choose a retail forex broker who accepts Liberty Reserve as a withdraw option. Then when you make profits, you may withdraw to Liberty Reserve. Make sure you check with your broker first, as often times you must first deposit with the same form of currency you withdraw with.
What is the Use of current account?
These accounts are similar to Savings accounts with two small differences. One is, the money in a current account does not earn interest and two is, you can withdraw any number of times. This account is for business people who would have high number of transactions in one single day.
