503103d Creating a Loan Account

Demos Lanos is keen to do business. He is setting up an MYOB data file with a loan account so he can put money into the company and then take it out as the business earns money. He uses the chart of accounts and created the loan account as an asset (which ofcourse can go into a negative balance if the directors have loaned more than they have received back). Demos though is keen to make it a success.