UK Paying back the director's loan with cash from the till

Joined
Nov 23, 2017
Messages
74
Reaction score
0
Country
United Kingdom
For a limited company that is e.g. a shop, can you pay back the director's loan with cash straight out of the till (i.e. without it going through the business bank account?)
 

Steve-LevelUp

VIP Member
Joined
Jul 18, 2016
Messages
315
Reaction score
43
Country
Canada
from an accounting perspective, yes, the entries would be similar. However, it is not a very good idea. It is much better to have a solid record of when/how these were paid back and a check showing the re-payment of the loan is a better way to do it.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

Forum statistics

Threads
11,775
Messages
27,839
Members
21,814
Latest member
alea2024

Latest Threads

Top