Thanks for your question, and thanks for using JustAnswer.com
Are these shares that you own of another company, or are they the shares of the private company?
They are shares issued to 4 shareholders at the time of setup of the Company.
They are shares of the company?
These are listed on the balance sheet as Equity
3 of the shareholders each have 49 (@ $1.00), 1 has 153 (@ $1.00 = 51%). All shareholders loaned cash to the company at startup. This is to include the value of shares purchased. I want to show the value of shares issued ($300.00) as Settled Sum only in Equity. The major shareholder is demanding that the $300.00 also be shown in the Asset section of the BSht, listed by sharholder.
No, this would not go on the asset side. That would be incorrect. It has to be equity
Equity only. The only stock that goes in your balance sheet as an asset are shares of stocks that you own of OTHER companies, but never your own
That's exactly what I have been saying - we are dealing with Hitler's grandson. When I posted the loan monies to Liabilities, I reduced the liabilities by the $300 which I posted to Equity as Settled Sum. The total of the loan monies debited bank.
You did correct. This should not be an asset.
Thank you. Can I obtain a transcript of this conversation by email?
Yes, once you rate, it should be sent to your email
Thanks - all received.