My Debt Stuff

Paying a personal debt from a business account?

Rob A asked:


I have some personal debt that I want to pay off with surplus profits from my business. How do I enter that into my accounting? And ideally should I pay it back into the business in the future?

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Tags: Accounting, Business Account, Personal Debt

This entry was posted on Thursday, August 6th, 2009 at 6:50 am and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Paying a personal debt from a business account?”

1. Website content says:

   August 9, 2009 at 5:59 am

   Kansieo.com

   Assuming it’s your business, you can withdraw capital and you would enter that as a withdrawal on the Statement of Owner’s Equity.

   As far as repaying the business…Yes, you should.