Hi
Drafting a set of accounts (audit exemption) for a family member. He has lent some money into the business for cashflow reasons, to be classified as a directors loans account.
Just to confirm my understanding of how to present on balance sheet. Should be presented as a current liability rather than as a long term liability in the capital and reserves section?
Is separate disclosure required in the notes to the accounts and if so what level of detail?
Thanks
Drafting a set of accounts (audit exemption) for a family member. He has lent some money into the business for cashflow reasons, to be classified as a directors loans account.
Just to confirm my understanding of how to present on balance sheet. Should be presented as a current liability rather than as a long term liability in the capital and reserves section?
Is separate disclosure required in the notes to the accounts and if so what level of detail?
Thanks