The situation is one company has increased their share capital from MYR1.00 to MYR80,000.00. the company has two directors and the company has a debt with the two directors, let say Director A = MYR24,000.00 & Director B MYR7,600.00. Plus, the company also has debts with creditors which is amounting to MYR48,860.00. However, The creditor is also the father of either one pengrah company.
My boss ask me to to deduct the amount of share capital since the money come from both of the director and also from the other creditor. How to do the journal entry for this transaction?...
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New shared capital
Hi...
The situation is one company has increased their share capital from MYR1.00 to MYR80,000.00. the company has two directors and the company has a debt with the two directors, let say Director A = MYR24,000.00 & Director B MYR7,600.00. Plus, the company also has debts with creditors which is amounting to MYR48,860.00. However, The creditor is also the father of either one pengrah company.
My boss ask me to to deduct the amount of share capital since the money come from both of the director and also from the other creditor. How to do the journal entry for this transaction?...
I hope u can help me...Thank you in advance...