double entry bookkeeping?

Question

paid £13,000 of redundancy payment into a business account
what would the double entry be for this transaction?

Answer 1

Well - I guess it's a debit to the bank and a credit to assets - although that's not really what double entry bookkeeping is about!

Answer 2

The business owns the bank account entry 1 and now owes you this amount entry 2. Entry 2 may be a loan account ie from you possibly as a director. You should have a loan agreement with repayment terms etc. I assume it is not gift to the company in which case via the P&L it will increase owners or shareholders funds.

Answer 3

I assume you mean you have funded a Business with £13k of your own money ?

I assume you are a Director (or owner) of the Business ..
So one one side it's "Asset - Credit (Loan from Director)' (or some such wording) and on the other side it's "Liability - Directors Loan" (even if it's an Interest Free loan, I assume you have some expectation of it being paid back at some future date ?)

Answer 4

in reality, double-get right of entry to accounting ability that for each debit, there could be a credit. the project-free accounting equation is: supplies = liabilities + fairness. It could continuously be in stability. i'm guessing you're having project with debits and credit particularly - precise? you're able to understand that Debits and credit propose in basic terms left (debit) and precise (credit), they do no longer propose advance or shrink. in case you're making an get right of entry to on the left fringe of an account, you're making a debit get right of entry to. Conversely, in case you're making an get right of entry to on the perfect fringe of the account, you're making a credit get right of entry to. If the debits in an account exceed the credit, the account has a debit stability. If the credit exceed the debits, the account has a credit stability. it's going to be effective in case you recognize the conventional stability of debts as properly. i could pass on, yet i do no longer want to confuse you and that i'm no longer precisely helpful what you're hung up on...in case you want extra info...i'm going to be satisfied to furnish extra!