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?
- CIS 264 6
- Rental holiday in lieu of repairs 189 2
- Entrepreneur - want to submit accounts by myself 1,216 17
- Mixture of online and offline SA returns 274 5
- What would you do here, potential insolvency. 429 6
- VAT - Medical Staff 168 2
- Vat on construction of residential property 1,130 13
- Really?! 858 10
- Auto enrolment confusion 1,385 26
- Separate companies same Director buy from each other 659 15
- VAT 701/49 query 236 2
- backpack 339 3
- Sage Line 50 Data conversion 198 3
- Bookkeeping question for Finance Lease payments 285 3
- Viewing folder contens en masse 356 8
- HMRC Funding for Employee PAYE refund 202 3
- Tax relief on Enterprise Investment Scheme subscriptions 201 2
- Calculation of 10 year anniversary charge 204 1
- pension contribution annual allowance charge 172 1
- Dominant influence and intercompany loans 259 6
- Self employed and HMRC Worldwide Subsistence Rates 709
- 2015 tax year end 442
- Interest paid - do new rules affect Tax Credits? 418
- Self employed consultant working in Ireland 361
- Costly Accounting Software contract 317
- Directors' advances and credits 262
- Market Invoice (P2P invoice discounting) tax treatment 257
- DTA tie-breaker issue 239
- Tax on internet ad sharing income 224
- Credit against UK NI for NI paid to EEC Countries 204