Normally,Savings A/c is not used for business.It is used for personal purpose and not shown in books of accounts
However,Current A/c is used for Business and shown as Bank A/c in Tally
Suppose we deposit/ transfer the Amount From My SB A/c in ICICI to My current bank account in ICICI
Entry will be
ICICI Current A/c Dr
To Capital A./c
(It is a receipt entry)
Note:-
If we are showing Savings A.c in Books,entry will be
ICICI Current A/c Dr
To ICICI Bank A./c
It is a contra entry as both are bank accounts)
Written on Sept. 29, 2016, 4:10 p.m.