What do you call it in accounting when a shareholder loans the Corporation money?
Dec.23, 2008 in
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I own a Corporation, being the sole shareholder. I have loaned the Corporation money. What is this called in accounting when I do the books? I know a shareholder loan is when the Corporation loans money to the shareholder. I think, possibly it is capital or equity, but I could be wrong. And does anyone know what ledger number it is given. I believe it goes in the 3000’s. Are there any accountants or bookkeepers out there that can shed some light on this?
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December 27th, 2008 at 5:36 am
Try owner’s equity. Ledger ## in the 3000’s??? If you loaned the co money, you are a bond holder. if you invested then it;s capital stock.
Man, you need accounting 101, bad.,
December 29th, 2008 at 5:55 am
I’ll take your word that you’re the sole shareholder in a corporation and not a sole-proprietor in a sole-proprietorship. If you lend the co. money, it’s a shareholder loan under current liabilities. The a/cs code depends on your chart of a/cs. It’s equity only if you issued shares to yourself. Otherwise it’s just a shareholder’s loan. This is a more flexible arrangement cos you can repay yourself the loan when the co. has the funds. If you issue yourself shares you can’t cancel the share and take back the money without going thru a lot of hassle.