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sole trader self assessed accounts-help

  • 09-07-2013 07:50PM
    #1
    sandra471
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi. How are loans from family members treated in a sole traders accounts. The money was lodged into the business current account. Used for the purpose of business expenses and drawings. Is the loan/funds entered as funds introduced in the finance by section of the balance sheet? Is there anything else that needs to be done?

    thanks
    sandra


Comments

  • #2
    Alan Shore
    Registered Users, Registered Users 2 Posts: 735 ✭✭✭Alan Shore


    Funds introduced might indicate a gift.

    You could include them as loans in the current liabilities section also.


  • #3
    sandra471
    Registered Users, Registered Users 2 Posts: 3 ✭sandra471


    thanks for information. meant to be a loan. but if cannot pay back he has promised that on selling the business on retirement he will pay back then.(about 5 years away) Loan is about 10k.
    Alan Shore wrote: »
    Funds introduced might indicate a gift.

    You could include them as loans in the current liabilities section also.


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