rhc
24 November 2019 18:04
3
Hi mwilkesbuilding ,
That is actually a question you should ask your accountant because it depends on a few things, for example are you VAT registered or not; did you sell it with a loss or profit in comparison to the Net Value for this year.
Hi,
Please can someone sanity check this. I have sold a computer and want to account for book value and invoicing\VAT. My company is VAT registered, so needs to invoice. When I originally bought it, I used a reoccurring journal to log 100% depreciation over three years. At the end of each month since I bought it, the following transactions were created automatically:
(0031) Office Equipment Depreciation: <1/36th of purchase price> (Credit)
(8004) Office Equipment Depreciation: <1/36th of …
Hi
I bought a company vehicle not long ago for £3350 and logged the purchase as an asset (Motor vehicle 0050). I’m now selling this vehicle though for £3000.
How do I log the £350 balance between the original purchase price versus the new sale price?
I’v looked at journals but can’t quite figure them out.
Also, once I sort out the depreciation, how do I log the sale of asset so it doesn’t show on my balance sheet anymore? Is it just done as a sale invoice?
I’m not great at accounts or book …
When I started in Business I purchased a van for £5500.00 and created a Purchase invoice which posted this as a DR to (0050) Motor Vehicle Fixed asset of £5500.00 and a CR to account (2100).
I have now sold the vehicle for £4250.00 which posted the as CR (4200) Sale of Assets and a DR to (2100).
To account for the loss on the sale (£1250.00) have done a Journal entry as follows.
CR to (0051)Motor Vehicle Depreciation and a DR to (8003)Vehicle depreciation.
My Motor vehicle fixed asset acco…
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