Initial Share capital not paid in first year

Could anyone help me with this.
Last year I opened Ltd company and the inital share capital was 100 share £1 each = £100 - share capital
I didn’t actually paid it into the company bank account in the first accounting year from my personal account.
Silly I know.
The company is not dormant it did made a profit during it’s first year.
How should I account for that now?

Should I record an initial share capital of £100 in the beginning of the companys 1st accounting year.
So that it would be:
Dr Director a/c
Cr Share capital a/c

But because the actual bank transfer never happened,
In the balance sheet £100 will be in the Capital and Reserves (Ordinary Shares) and also £100 will be in Current Assets (Director’s Loan Account)
Is that correct.

I suppose I need to transfer this £100 in the second accounting year now right?

Would much appreciate your help.

Dr Other debtors £100
Cr Share capital £100


Dr Cash in hand £100
Cr Share capital £100

1 Like

Hi thanks for reply.
Could you explain why
Dr Other debtors £100
and not
Dr Director’s Loan Account £100

its not good idea to keep DCA -ive

Ok thanks for reply, one last question:
what means Dr Cash in hand £100 ?

there is no such nominal account in QF as Cash in hand.

1230 Petty Cash will do

Ok, so this journal:
Dr Cash in hand £100
Cr Share capital £100

Will mean that share capital has been paid in cash to company right?

yes that is right journal