Customer who has Ltd company put mortgage through as Long term liability
I am about to take on a new customer who prepared his first yrs accounts. He has just sent me the balance sheet and has added his own mortgage as a long term liability..... Please advise.... as I am 100% certain this is not allowable.. but wanted some additional advice......
Should I also recommend the customer resubmits last years accounts?
His first yr he also made a loss... so with the mortgage on top... he has negative 142k...
Should the loan also been shown in the reserves as a loss? As it is shown on CL??
Advice needed please... this is the first time i have come across anyone doing this...
Thanks in advance ... laura
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