form 11 creditors

[Lexicon]

Hi all,

I am a sole trader and have lent my business 5k in 2012. I also have a bank loan of 12k. Are my creditors for form 11 the full 17k or just the bank loan of 12k?

Thanks,
Lex

 

[mandelbrot]

Hi all,

I am a sole trader and have lent my business 5k in 2012. I also have a bank loan of 12k. Are my creditors for form 11 the full 17k or just the bank loan of 12k?

Thanks,
Lex

Neither.

The money you lent the business is capital introduced (and when you take it back out it'll be drawings).

The bank loan goes under............ Bank loans!

Creditors are suppliers who you owe money to.

 

[Lexicon]

Great thanks very much Mandelbrot!