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Shed loan in farm accounts.

  • 20-10-2015 10:30pm
    #1
    kelslat
    Registered Users, Registered Users 2 Posts: 186 ✭✭


    Just doing my end of year accounts for self assessment but not sure where to include a loan of 20000 received in order to put in a slated tank. Is this an expense?


Comments

  • #2
    case885
    Registered Users, Registered Users 2 Posts: 2,536 ✭✭✭case885


    kelslat wrote:
    Just doing my end of year accounts for self assessment but not sure where to include a loan of 20000 received in order to put in a slated tank. Is this an expense?


    No its a liability.


  • #3
    Boaty
    Closed Accounts Posts: 615 ✭✭✭Boaty


    Financed by section on the balance sheet?

    Should look like
    Financed by:
    Creditors: falling due after 1 year
    Loan 20000

    Or is leaving cert accounting out of sync.
    Lakill will know for sure.


  • #4
    rathbeg
    Registered Users, Registered Users 2 Posts: 53 ✭✭rathbeg


    kelslat wrote: »
    Just doing my end of year accounts for self assessment but not sure where to include a loan of 20000 received in order to put in a slated tank. Is this an expense?

    hi as far as I know the interest on the loan is tax deductable as well as 20% ( this % changed recently so I'm not sure of it ) each year of the book cost / inventory of the tank as it is a capital expense It will be writen off after 8 years


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