Advance accounting

1

I’m assigned to do an accounting job for a company that
Been existing already so the new owner purchased the company in 2023 for 1 million on credit from his friend ( he trust him to pay so no loan no actual money or papers ) so 500k for the old owner and 500k for an existing various types of debts ( unpaid wages , rents , suppliers …etc) the new owner didn’t pay a thing and didn’t invest any capital ( zero cash ) and decided to pay the old owner and old debts in installments but not on monthly bases , and since 2023 until today he been depending on paying current expenses and old liabilities using the current income of the company , the company had and tangible assets worth 500k and a iso license worth 100k
Q1:how do I make the opening initial record so it can balance and equal to zero
Q2: how do I record the old liabilities and the debt for old owner
Q3: how I don’t mix the current business financial situation without counting the old debts in my report

I will be using manager accounting software for the first time as well

I would appreciate any advice on the matter

2

Speak to an accountant

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3

Thanks you

Yes , I am Junior accountant that’s why I’m asking here , i believe this a place full of very advanced and experienced accountants

And I don’t know any accountant personally so I said I would try here

But if the answers to my question is too complicated to be typed or explain here then I’ll try some other way to get the answers

Anyway your advice is appreciated

4

This forum is about Manager application not accounting. Search the internet for accounting support or consult a senior accountant.

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Alright i understand thanks i appreciate it

6

Hey I hope you had help.