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dsirvine1's avatar
dsirvine1
Experienced Cover User
10 months ago

Journal entry HELP!!!

I am needing to enter a journal entry for the purchase of some new equipment, and while I usually have no problems with these kinds of entries but this one has stumped me. So I'm begging please help! Here is the breakdown:

 

Purchase of new Bobcat $128305.87 CAP {1-2001 PLANT AND EQUIPMENT} DEBIT

Bobcat Loan incl interest: $154632.69 NT {2-7190 NEW SKID STEER ACC} CREDIT

 

This is where I'm making mistakes. In the purchase of the new machine, there were trade ins and old loans paid out. I need to know if where to put them all as credits or debits.

 

Trade in on Bobcat #1 : $38100 NT  still had loan on this machine

Trade in on Bobcat #2 : $36600 NT  Own this machine out right

 

trade in total $74700

 

PAYOUT of Bobcat #1 using trade from #1 and #2: $48573.67 

 

Equity to Client $26,126.33

 

Balance payable for bobcat $128305.87

 

We received a $11219.73 payment into our bank from the above at the end of the purchase, I can work out where the rest of the equity went?

 

So I need to know how this journal would look to balance.

2 Replies

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    10 months ago

    Hi dsirvine1,

    This issue can sometimes be challenging. We recommend consulting with your Accountant to ensure you receive the most accurate solution.

    Regards,
    Earl

  • DuncanS's avatar
    DuncanS
    Ultimate Partner
    8 months ago

    dsirvine1

     

    Sale of Equipment by a GST Registered Entity requires 1/11 of the Sale Price to be GST Collected.

    A Tax Invoice is given to the Buyer.

     

    Has your Tax Accountant been able to assist?

     

    Duncan

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