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Brodloc's avatar
Brodloc
Contributing Cover User
5 years ago
Solved

Purchase and Disposal of Comapny vehicle

Good Afternoon,

 

I have recently bought a company car and would like to know the journal entries for it please.  It is on HP contract for 5 years.  I am assuming the accumulated depreciation is $2398 per year.

 

I have also sold a company car bought in 2012. refinaced and was owing $4900 when sold.  The journal entries for this would be great too.

  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi Brodloc 

     

    Thanks for your post.  For the specific journal entries I do recommend speaking to your accountant to ensure that BAS and tax reporting is correct.

     

    Please don't hesitate to post again if you have further questions.

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    5 years ago

    Hi Brodloc 

     

    Thanks for your post.  For the specific journal entries I do recommend speaking to your accountant to ensure that BAS and tax reporting is correct.

     

    Please don't hesitate to post again if you have further questions.