I am starting with a new business and I am total newbie with accouting.
I would like to divide Equity into “Issued capital” and “Share premium”. To do so I did set up Capital Account (I’m the only owner) and I am trying to enter a journal entry as seen in screenshot:
But how do I divide “Capital accounts” into parts?
The “Initial Balance sheet” should be (I hope I’m correct here :))
Accounts receivable (99680)
Bank accounts (320)
- Issued capital (24999)
- Share premium (75001)
Is it possible? Is that the way to do it?