Re: General Ledger queries

[Benedict White <..hidden..>]

On 03/03/14 00:00, Chris Travers wrote:
>
> Yes.  That is both correct (assuming your  £1000 is a loan to the 
> company from the director, not the other way around).  What doesn't 
> make sense about it?
>
Well, the Share account is credited to show the company has an asset of 
capital whereas the directors loan account has at some point (though not 
in the short term) to be paid back. So whilst it makes some sense it 
makes a little less than the share issue. (Please remember, I'm not an 
accountant).

I take it that the general ledger is also (by similar means) the way to 
enter in purchases of sundry items, professional fees (For example 
company formation fees) and other sundry expenses?

Kind regards

Benedict White

> Best Wishes,
> Chris Travers


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