UK Loan question

Joined
Nov 17, 2012
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Hello.

I had a loan from someone to pay for a vehicle and now the person has died but the loan was not paid off. I would like to know how I deal with that in my accounts now that the loan is essentially forgiven , as it were. I am using Quickbooks 2013.
Thanks for any help

Julius
 
Joined
Sep 20, 2011
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You should do the following in your books:

DR Loan Account
CR Other Income

You should, however, speak to your accountant about the tax implications of forgiven debt.
 

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