Hello, I just have taken £50,000 bank loan from my bank .I would like to know how to record manually the transaction and how to report the bank interest/loan repayment every month.
I am second year student and still feel quite confused about reporting the business loan.
Thank you,indeed!
Hi,
This post should give you some advice:
The way you account for the loan will also depend on your business structure and the reporting format you use, e.g are you a limited company or sole trader? If a limited company, do you file micro-company accounts under FRS105 or do you use FRS102? The requirements for reporting loans differ between the two.
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