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?
- where has the honest passion to help gone..??? 849 18
- Company Accounts 102 2
- Any Scottish members out there? 9,180 343
- Getting VAT right for a sole trader pilot 174 6
- Vat treatment of charity business income 90 5
- Donations (to a school!) 423 11
- Vat on Royalites 79 1
- 100% Xero practice 2,110 34
- Umbrella Company 136 2
- Outsourcing iXBRL Tagging 422 24
- Payroll YTD info on Operaii 75 1
- Treatment of goodwill in Consolidation 148 5
- Mortgage deposit Gift 426 18
- Profitable company wanting to buy an office 164 3
- property rental income split 254 3
- Shadow director or alternative? 468 4
- Does my client qualify for CGT Loss? 131 1
- EIS/SEIS capital gains exemption 95 2
- About to buy a block of fees. Any advice? 1,269 5
- Use of home for storage 329 6
- Raiders of the Lost Tax File 1,188
- Chartered Accountant in County Down N.Ireland 404
- IPP (International Pension Plan) income 315
- National Insurance 310
- valuation of intangible asset FRS10 and FRS20 261
- Unnecessary S9A Enquiries 235
- Cass 5 FCA Client Money Software recomendation 234
- Non Resident 221
- Franchise income and costs 204
- A question for the payroll-only bureau's out there 155