How do I show £1200 going into the business, This was a gift of an amount from my parents and is not expected to be paid back
Tag it to director loan account
So this would be adequate reporting for a balance sheet for Companies House? In journals just Credit DLA?
yes that should be fine
Hi jacques993,
Just to expand on what’s been said, iI’s a gift to you from your parents, which you as a director are putting into your business, so your Ltd company will owe you that money.
If you put it into the companies bank account you then tag it as a transfer to the directors loan account
From rather than to, surely?
Correct, the money is coming From the director To the companies bank
I believe FaradayKeynes meant the same as well