ACCOUNT CURRENT
ACCOUNT CURRENT
An
Account Current is a running statement of transactions between two parties (one who
renders the account and the other to whom the account is rendered) for
a given period of time and includes interest allowed or charged on various
items. It takes the form of an account. It is prepared when frequent
transactions regularly take place between two parties.
If
two parties have a number of transactions between themselves, they will
exchange statement confirming the amount involved. Usually, such statements are
merely a copy of ledger account for the period concerned. However, one party
may calculate interest due to or due by the other party. Such a statement is
known as "Account Current."
This statement is headed, as say, Sonu in Account Current with Monu. It means that Monu is sending the statement to Sonu, showing the transactions between Sonu and Monu.
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