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how to record transactions for fully depreciated vehicle after selling
Hi there, 1. I bought a VAN for business on 21 January 2019 for $9000 from someone. I fully depreciated it as an instant assest write off in the annual tax return 2018-19. Now I ha...
Hi Ravinder
Do a general journal entry (tax inclusive/sale ticked) memo sale of van
Credit Other Income account-Sale of Capital Item $5,500
Debit Bank $100
Debit either Loan to Director/beneficiary/owners equity (depending on business structure) $5400
Do a receive money transaction to the bank account for $437 with memo- reimbursement of rego for van sold from purchaser and allocate to the same bank account, which will account for the withdrawal and deposit.
