Hi there - accounts question that has me stumped!
If I received a loan of 50k, repaid 5k and then the remainder was written-off by the lender a few years later, how do I show this in my accounts? Is there a transfer between the long=term liability account and income, or what?
The figures are representative - I'm not that lucky, lol
Thanks for any help, or pointers to where I can learn more
Gavin