Directors loan repayment
I have a director loan account which is in credit (company owes to director). Company is in loss for some years and day to day operation is funded by the Director. During the last financial year - Director has taken some money from the company and some overseas clients(customer of the company) have directly paid to the Director personal account.
Can I treat the direct deposit by the client as repayment to director, because director has not paid these money back to company- I assume yes.
How shall I report the repayment in the final accounts- as a simple narration or any specific wording to be used because every year we have reported the loan given by director as seperately under "transaction with directors".
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