Purchase and Disposal of Comapny vehicle

Brodloc

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

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.