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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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Dear Accounting Professional, If loan receivable is for

Resolved Question:

Dear Accounting Professional,

If loan receivable is for related party, should it be considered as equity or still should be considered as assets?

Please advise, thanks!
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA : Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
MyVirtualCPA : A loan receivable to a related party is still an asset
MyVirtualCPA : It is not equity
MyVirtualCPA : Is there anything else I can help you with today? If not please rate my response as "excellent' so that I may receive credit for assisting you today
Customer: Thanks, XXXXX XXXXX please mind to help me find a source information? Because I really need it as a reference, so I could convince the other party. I tried research but couldn't find one. However, I do think it is considered as asset instead of equity.
MyVirtualCPA : It's called a receivable ... receivables are always assets
Customer: No, there is an account called subscription receivable, that is considered in equity section...
MyVirtualCPA : This is not equity though
Customer: subscription receivable means stocks are issued exchange with cash, but the company not yet received cash yet..
MyVirtualCPA : That's different as it deals with stock
MyVirtualCPA : Loan receivables from related parties are assets - they have nothing to do with stocks or equity
Customer: Yes, agreed...but are there any source document that I could refer as well?
MyVirtualCPA : There's no source...it's common knowledge
Customer: I see, thanks!
MyVirtualCPA : You're welcome is there anything else I can assist you with today?
Customer: That's all my questions, thanks!
MyVirtualCPA : You're welcome
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12544
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and 2 other Tax Specialists are ready to help you

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