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opening an company

villapbvillapb Trusted RegularRegistered Posts: 357
Hi

When i open a company 50 shares for director and 5o shares for company secretary at £1 each.

Do they have to deposit £100 into company bank company. ie cr bank £100 the dr share capital £100, or am i going to deep.
What do you guys gals do please.

Comments

  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    Nah, just DR Petty cash and CR Share Capital
  • deanshepherddeanshepherd Font Of All Knowledge Registered Posts: 1,809
    reader wrote: »
    Nah, just DR Petty cash and CR Share Capital

    I would never advocate to a client that the very first transaction in their records is a lie.

    Get them to put the money in the bank account or debit their Directors Loan Account.
  • villapbvillapb Trusted Regular Registered Posts: 357
    hi dean i debited the bank and credited the share capital account, so the bank shows £100 form share issue on the new company shares.
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