How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Your Own Question, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 5147
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Type Your Tax Question Here... is online now

Hi, Im filling in my accounts for the first time using thejoint

This answer was rated:

I'm filling in my accounts for the first time using thejoint filing service and unsure on teh treatment for calledup share capital. When I set the company up I issued 1 ordinary share @ £1. In order to progress through the filing software I have to have an entry in there on the balance sheet. What I have done is put in a '1' there and reduced teh direcetros loan a/c liability in creditors by 1. Is that correct if not please advise. Many thanks.
Hello and welcome to the site. Thank you for your question.

You are correct in your accounting entries to reflect called up share capital.

I hope this is helpful and answers your question.

Customer: replied 4 years ago.

Thats great thankyou for the confirmation.


Do I have to do any paperwork or workings in the accounts for this entry?

Stuart, thank you for your reply...

I am not sure if you are using any software for your accounts...
If you are, then journal entries would be
Dr Director's loan account
Cr Called up share capital.

If you are using a spreadsheet to produce trail balance and accounts then just post thes adjustments within the column Adjustments.

I hope this is helpful. and other Tax Specialists are ready to help you
I thank you for accepting my answer.

Best wishes.