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I have a question. How to use XERO software to record this. To get the company underway you contributed $100,000 of your own money and borrowed...
I have a question. How to use XERO software to record this.
To get the company underway you contributed $100,000 of your own money and borrowed $250,000 from the CBA bank. The loan is a 5-year secured business loan, with an interest rate of 6% and monthly repayments of $4,250 recorded at month end. Both the capital contribution and the loan are GST exempt transactions.
