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Accounting for business sale
I have recently sold my business and the money has been deposited into my business account. Our Lawyer has taken his cost out of sale price and deposited remaining to us. I was wondering how or where do I allocate this deposit.
Hi Kingy
Thanks for your post. As we're not accountants we're not permitted to advise on which accounts to allocate the sale amount and lawyer costs to. I'd recommend speaking to your accountant to check the accounts and tax codes for that transaction.
Please let me know if you need further help.
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