Paying a personal debt from a business account?

Question

I have some personal debt that I want to pay off with surplus profits from my business. How do I enter that into my accounting? And ideally should I pay it back into the business in the future?

Answer 1

Assuming it's your business, you can withdraw capital and you would enter that as a withdrawal on the Statement of Owner's Equity.

As far as repaying the business...Yes, you should.