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Directors loan account

Discussion in 'Accounts & Finance' started by Mims27, Dec 12, 2013.

  1. Mims27

    Mims27 UKBF Newcomer Free Member

    Posts: 25 Likes: 0
    hi
    i need to post opening balances and i have £00000 to post to directors loan on the CREDIT side of the journal.
    does this mean the director owes the company money or the company owes the director?
    THanks
     
    Posted: Dec 12, 2013 By: Mims27 Member since: Aug 29, 2013
    #1
  2. johndon68

    johndon68 UKBF Big Shot Full Member - Verified Business

    Posts: 3,026 Likes: 565
    If it is a credit then the company owes the director the money.

    John
     
    Posted: Dec 12, 2013 By: johndon68 Member since: Nov 2, 2009
    #2
  3. UK Contractor Accountant

    UK Contractor Accountant UKBF Ace Full Member - Verified Business

    Posts: 2,950 Likes: 485
    Just remember all credits are either revenue or liabilities and all debits are assets or expenses
     
    Posted: Dec 12, 2013 By: UK Contractor Accountant Member since: Sep 18, 2013
    #3
  4. ksatish181

    ksatish181 UKBF Newcomer Free Member

    Posts: 4 Likes: 0
    Company owes the money of the director
     
    Posted: Dec 12, 2013 By: ksatish181 Member since: Dec 12, 2013
    #4