Loan Write Off Between 2 Companies
Hello, I have a client who bought their industrial unit through a separate company and their existing business loaned the new company some of the money and they took a mortgage for the rest. The unit mortgage is now fully paid off and they now want to just write off the loan and then have nothing go through the property holding company. The existing company used to pay a nominal rent to the property company. Can I just write them off in both sets accounts and if so, does it go through the P&L?