Dividends & Director's Loan Account
Client withdrew different sums at different intervals last year and declared dividend on 31/03/2011(last day of the company's accounting period). Dividends were processed through an entry reducing the director's loan account. Is this allowed as I believe the interest payable on the dir loan is an empl benefit even if the amounts are minimum. Am I correct in my understanding ?
Thanks
Mohammed.
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This is allowed