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Directors Loan to Ltd company

  • 08-10-2008 9:47am
    #1
    chazwazza
    Closed Accounts Posts: 27 ✭


    Hi,

    I have taken over the accounts for a Ltd Company and i am putting together accounts for Jan - Aug 08. The accounts i have inherited are a bit messy and i am trying to tidy things up. One point i need assistance is that there is a directors loan to the company not on the system for 22,000 and i am trying to establish how to enter this on the accounts. I know that it is seen as a libility in the Balance Sheet but as these expenses paid for by the director are in 2005 how can i show the double entry.

    Thanks


Comments

  • #2
    Legend100
    Registered Users, Registered Users 2 Posts: 736 ✭✭✭Legend100


    Were the expenses in the system originally in 05 or have they never been entered in the system? i cant see how they would have gone in as there would be no credit to match the corresponding debit unless they were paid out of cash in the system. That would leave a negaitve cash balance however


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