Directors Loan On Balance Sheet In Pima
Category:
State:
Multi-State
County:
Pima
Control #:
US-00420BG
Format:
Word;
Rich Text
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Description
This form contains a resolution of the Board of Directors authorizing the refinancing of a loan of the corporation and names the officers of the corporation authorized to sign the loan documents.
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Just make sure to go to Chart of Accounts and rename Capital accounts to Directors loan account and categorize it under Assets or Liabilities . In this video I'm going to show you physically how you do it in your bookkeeping records.This is classified as Loan payable on the balance sheet. A director's loan is very often a form of longterm finance and the economic reality is that it makes sense to show it as financing rather than as a liability. The Foundation is reported in a separate column in the financial statements to emphasize that it is legally separate from the College.