Business loan account

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  • Zontie
    New Member
    • Feb 2019
    • 1

    #1

    [Question] Business loan account

    Just a question, I don't want to do business anymore, have a small CC, there is no liabilities, only a debit loan account.
    What is the best to do with the loan account as I cannot repay it at this moment?
  • Andromeda
    Gold Member

    • Feb 2016
    • 734

    #2
    If there is a debit loan account and no liabilities, is the credit retained income?

    You should ask the accounting officer, but a dividend from retained income can wiping it out.

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