[rusty1]

is it neccesary to enter a transaction for the issue of shares to the director of the corporation? what are the journal entries?

[JoanTax]

rusty1, on 11 December 2011 - 04:06 PM, said:

is it neccesary to enter a transaction for the issue of shares to the director of the corporation? what are the journal entries?

You seem not to have figured out yet that your corporation needs professional help from a qualified Lawyer and a qualified Accountant (and, for that matter, also a bookkeeper).

Law Societies and Professional Accounting governing bodies prevent by law the giving out to you of piecemeal casual professional advice without examination because of the importance of the legal documentation the corporation is required to maintain, for which the director(s) can face very significant legal consequences for.

This forum where you have posted (Profile software) is for professionals (accountants), in particular those professionals using the Profile tax preperation software, and the operation of that software in their professional practice, which is not your situation.

Your issues do not have anything to do with professional accountants using professional tax preparation software, nor the professional pracice of public accounting, and are therefore outside the scope of this forum.

Perhaps one of the consumer forums would serve your needs better.

Also, you should excercise caution, as one cannot simply invent entries into books of account.
Take care.