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What is a Members Loan Account?

Posted 18 February 2016

Lintle says:
18 February 2016 at 3:12

I have a small business and I had an accountant that did my accounts for me. I have noticed that he put in a members loan account under Equity and Liabilities. I am not sure what this means and where he would have received the amount from. Please can you help explain what the members loan account means?

TaxTim TaxTim says:
18 February 2016 at 9:42

It means money you have borrowed or the company has loaned you. You would need to speak to the accountant to see what he did that for and whether this was in place of receiving a salary.

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