How can I write off a loan we have received that has been written off? We received some funds years ago when starting the company as a loan, and the person who loaned us the funds has offered to write it off.
We used Notes payable to track the amount owed as a non-current liability. Would it make sense to create a new account under Other miscellaneous income and a journal entry to record the loan write off as "other income"?
Yes..you are fully correct. You can pass the same as JV and account the same as other incomes in your books. That's perfectly fine
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