Hello everybody. Thank you for your help with my practice using quickbooks. Question here is the following; : My clients mother has lent him 30 thousand dollars She has wired 30k bank account. My client will wire the 30 thousand to a company that he is aquiring . He is in the news publishing business and this is another news publishing business he is aquiring. How do I record this in quickbooks? Regards Richard shapiro
Loan from family member
Sep 25, 2005
1 Replies
As two separate transactions. You'd set up the loan and receipt of cash as a debit to cash and a credit to loans payable. You'd then acquire the the company with a credit to cash for the amount of the payment and any other necessary debits and credits dependiing on the structure of the purchase..
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