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Post Info TOPIC: Directors Loan to the company
Nidis


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Directors Loan to the company
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As it is new company, director transfered £18,000 to the company as Loan.

How correctly record it? Using VT :)



-- Edited by Nidis on Monday 29th of October 2012 05:34:08 PM

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Shamus


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Credit the DLA.

Dr Bank £18k
Cr Creditors:Directors Account £18k

No problem going through period end with the company owing the director money.

I assume that the loan is interest free as paying interest on the DLA whilst legal gets a bit messy and involves HMRC forms not available online.

kind regards,

Shaun.

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Shaun

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Nidis


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.



-- Edited by Nidis on Wednesday 7th of November 2012 11:51:47 AM

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Shamus


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Nidis wrote:

.So the correct procedure to record it will be: ?
Rec
Ledger: ?
Account: ?

 As above?

Dr Bank £18k
Cr Creditors:Directors Account £18k

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
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