Accounting for Unrecorded liabilities
My client has an unrecorded loan (from when Limited Company was a partnership) of £9,000. Solicitor letter confirms the balance.
Original loan was £15,000 and repayments of £6,000 were made by the limited company which the previous accountant charged as dividends.
No records exist for partnership business. The business is now VC backed and they have requested that the loan be recorded.
I have been advised that the outstanding loan liability of £9,000 was cleared up by various accounting entries when the partnership was disolved and the limited company was formed. (I can only view transactions in the accounting system since the limited company was formed.
Can anyone assist with the accounting entries to fix this?
Many thanks in advance
- P11D Dispensation 174 3
- Question regarding gym training 165 3
- CPD 44 1
- Can I take action against my accountant for incompetence? 603 11
- is this fraud? 460 9
- Not a good start no broadband 267 5
- Dissolving company to avoid CCJ 383 7
- new software IXBRL and Accounts production? 115 1
- Mortgage to buy property in limited company 153 4
- Directors Subsistence 359 3
- first year company tax return for a limited company 1,122 26
- Has anyone read the implications of the Lisbon treaty? 575 9
- Gong round in Circles with CT600 198 2
- How long are 64-8s taking these days? 417 9
- R&D tax credit claim 160 4
- New company - form a group? 99 1
- Sage valuing foreign bank balances 134 3
- Married woman dies owning marital home 352 2
- Incorporation Relief 301 6
- Penalty suspension 177 2
- Property exchange - 8-year legal delay following fall-out 565
- Cancelled 337
- SAGE Payroll Data for Import to MS Dynamics AX 321
- Cancelled 278
- Have you staged yet for auto enrolment? 240
- Probiz 223
- CIS Deductions 181
- Phishing emails purporting to be from CIPFA? 169
- VAT on non-profit making clubs (ECJ VS West Dorset Golf Club) 161
- Car leasing scheme 156