The Balance of Payments (BoP) is a comprehensive account setting out a country's economic transactions with the rest of the world, divided into key sub-accounts such as the current account and the capital account.
A comprehensive financial account in various types of business, recording different aspects of share capital, investments, and capital expenditures.
A current account serves as an active account in the banking system where you can deposit and withdraw money via various mediums. It's crucial for personal, business, and international financial management.
Exchange control refers to government-imposed restrictions on the purchase and sale of foreign currencies. These controls are often instituted by countries experiencing shortages of hard currencies and can include different regulations for transactions that affect the capital account of the balance of payments.
A Partner's Drawing is the amount withdrawn by a partner from the firm for personal use. These drawings are typically made against the partner’s share of profit or capital in the business.
Partnership accounts refer to the detailed accounting records maintained by a partnership, encompassing various essential documents such as the appropriation account, capital account, and current account. These accounts aid in the equitable distribution of profits and manage the financial dealings among partners in accordance with the partnership agreement.
