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May 24, 2018 2:56 pm
Hi Allan,
I am not quite sure about how to balance the Capital Assets - $400 in the balance sheet. Is it correct to report the UCC - $500 under Shareholder’s Loan, if the answer was no, please advise.
Your help is highly appreciated,
Regards,
Ali
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May 28, 2018 3:59 pm
Hi, it depends on how the asset was acquired. If you paid for it on behalf of the corporation, then you should record the amount paid to the shareholder loan account.