Directors loan account in credit and P&L
I’m looking at annual accounts for a small company where the directors loan account is in credit (company owes directors).
1) As the accounts currently stand, the company is due to make a profit.
However, the amount that the company owes the directors is much more than the profit would be.
- How can some of the loan be moved from the balance sheet and have an entry in the P&L?
- Can it be included as an item somewhere in the P&L?
2) Also, with the directors’ salary, they didn’t withdraw the whole salary due for the year from the bank.
The half which they did withdraw from the bank is already in the admin expenses. How to account for the salary still owing at the end of the company’s financial year?
- Freight Forwarders - VAT 90 2
- The complete uselessness of the British banking system 309 6
- HMRC website error 153 1
- Glass-half-full member of the year? 204 8
- Quirky thread of the year: Community Awards 350 5
- Fixed asset registers 144 7
- Experience with Islamic investor following Sharia-compliant rules? 659 1
- Has anyone got copies of the Tolley's CTA study manual pdfs from last year? 164 3
- Entrepeneurs Relief 90 1
- Opening balance and suspense account on sage line 50 30 1
- Incorrect Generic non-filing notice 297 10
- What is wrong with HMRC? 339 3
- Very Difficult to type on Aweb again 260 8
- Boffin of the Year 460 15
- Dormant company owns shares in another company 221 6
- equipment rental 127 5
- Self Assessment requirements for lady from Canada 120 1
- Under Cash Accounting rules how do I account for a credit note issued outside the Corp Tax period? 148 2
- Non sequitur 337 3
- Pattern for CTA 272 6
- Desperately seeking Susan, Sam or anyone with any other name 1,320
- Darwinpay Partnership Assessment 427
- S464A Charge to tax: conferring benefit & BIK 337
- Alphabet shares 224
- Agent fees to sell business 221
- ACCA continuity of practice arrangement needed 213
- Office recharges 171
- How to reclaim VAT for a non-EC UK visitor 158
- Charge out rates in London 148
- which entity 144