How should I process an Owner's Contribution to the business?
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How should I process an Owner's Contribution to the business?
Hi Bookeepinglady:
It would depend upon whether this is a single proprietorship or a limited company. For a proprietorship it would be a debit to bank and a credit to owner contributions. If it is a limited company or corporation it would a debit to bank and a credit to shareholder loans. For both instances this would be for a cash contribution.
Hope this helps!
*Community Hub is the new name for Sage City