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DR12345
Level 1

Journal Entry for Transfer of Directors Loan Account to another company

Anyone know the Jounral Entry for transferring a DLA to another company for the same director?

 

The company from which the DLA liability is being moved has no other assets and so the directors loan liability and current negative equity balance in the company are one and the same.

 

Another way of putting it is the new company is taking on the liability of the directors loan. How do I do this in the books?

 

Any help greatly appreciated.

 

Kind Regards.

2 REPLIES 2
EmmaM
QuickBooks Team

Journal Entry for Transfer of Directors Loan Account to another company

Hello DR12345, We'd recommend speaking with your accountant on the best way to record this.

DR12345
Level 1

Journal Entry for Transfer of Directors Loan Account to another company

Hahaha. Thanks. 

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