The business sold during the year and the proceeds of the selling transaction were not deposited in the business bank account, how can I close the books for tax purposes?

Question

Agate · Answer

Hi Alaa: 
 Depending upon whether the company is a single proprietorship or limited company the transaction should show in the books as either a draw for the single proprietor or if a limited or incorporated company a shareholder receivable for proceeds of the sale. Hope this helps!

Sage 50 Canada

The business sold during the year and the proceeds of the selling transaction were not deposited in the business bank account, how can I close the books for tax purposes?

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