The major difference between Savings A/c and current A/c is that you have overdraft facility up to a specified limit judged by the bank for the individual / company / partnership firm ... whereas you dont have the facility given for a savings A/c.

Further, the O/D will be charged at an agreed rate of interest on the excess amount withdrawn over the balance in the current account, while you cheque will get bounced if you have a savings A/c and a cheque bounce fee will be charged on yourself.

Ans to Q1:

1. Savings A/c is meant to encourage savings habit and Current A/c is to route business transactions via a bank account i.e. to record/trace entries through books of accounts.

2. Withdrawal is allowed twice a weak in savings, withdrawal is allowed n number of times daily.

3. Limited cheques are issued in a calander year, cheques are issued as per the requirement of the customers charging them additionally.

Distributing the salaries for the employees is called the payroll system.

Consolidation in breif clubbing of two reports into one report.

For example: ABC compnay is having their head office at hyderabad and branch office at banglore.

They have to prepare the balance sheets at both the sites. Head office will prepare their balance sheet according to their head office ledgers. And the branch office will prepare their balance sheet according to branch office ledgers. But finally if you want know the profit of ABC Co., you have to combine both the balance sheets.

Here i will give you a small example:

                                    Head Office                    Branch Office

Salaries a/c                   50000.00                           30000.00

Rent a/c                        45000.00                          80000.00

You have to add both the amounts of the same account for your final balance sheet. This is called Consolidation.

I hope i am clear with your question