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What is a Members Loan Account?

Posted 18 February 2016 under Tax Q&A


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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?

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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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Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

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