Tag Archives: Drawing

Define partnership deed and discuss its contents

Define partnership deed and discuss its contents A document containing an agreement that details the rights and obligations of each partner participating in a venture Contents Name of the firm Location of the business Name and Address of Partners Nature of Firm’s Business Duration of Partnership Partners’ Capitals Interest on Capital Drawing and Interest on Them Division of Profit Partners’ …

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Define uncollected cheque / uncollected funds

Define uncollected cheque / uncollected funds Bank deposit which has not yet been acknowledged by the bank on which the check was drawn. Most banks don’t allow drawing on uncollected funds. Source: http://www.investorwords.com/5112/uncollected_funds.html#ixzz2XK3JjROw Or The amount of a bank deposit that comes from checks that has yet to be cleared by the bank from which the checks are drawn. Essentially, …

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Define Drawing

Define Drawing The withdrawal of business cash or other assets by the owner for the personal use of the owner. Withdrawals of cash by the owner are recorded with a debit to the owner’s drawing account and a credit to the cash account. Source: http://www.accountingcoach.com/terms/D/draw.html Or We use drawing many times in financial accounting. Drawing here means any amount withdraws …

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