Reporting UCC

Question

2182 viewsMay 28, 2018Accounting

0

Anonymous Posted May 24, 2018

Hi Allan,
I am not quite sure about how to balance the Capital Assets – $400 in the balance sheet. Is it correct to report the UCC – $500 under Shareholder’s Loan, if the answer was no, please advise.
Your help is highly appreciated,
Regards,
Ali

1 Answer

score 0 · Answer 1 · 2018-05-28T15:59:30+00:00

Hi, it depends on how the asset was acquired. If you paid for it on behalf of the corporation, then you should record the amount paid to the shareholder loan account.

Reporting UCC

1 Answer

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