Hi,
Limited company has 2 directors and one director loan is in credit and the other is in debit. Under FRS102 or micro entitiy, is it correct that I report this as consolidated amounts on the balance sheet? Or do I have to show one as a debtor and the other as a creditor?
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All that really matters is s455 being dealt with correctly.
BUT one is an asset, one is a liability.
I usually charge real interest by company to the overdrawn account.
Really do not like p11ds, more so if company has a non March year end