We are in the process of winding up our limited company. I have 2 questions:
We have outstanding director balances on the books: i.e. we have 2 directors and 1 ex-director who are all owed funds from the business. All three of us have opted to write off those balances. How do I write off the balances correctly in QF?
In addition there is a small outstanding balance of £75 on some assets (office equipment) we previously purchased. We’ve been told by our accountant that we can do an exchange: i.e. as we are owed funds by the business we can keep the assets and the £75 can be used to reduce the balance on one or more of the directors’ loan accounts. How can I reflect this exchange correctly in QF?