Accumulated Depreciation
Good evening all, Last fin year, due to the Aus Government 100% instant tax right off, we 100% depreciated the company vehicles purchased over the year, or should i say the accountant did Due...
Forum Discussion
Hi chris4503
This is normal, the Vehicle account should show a positive, say $20k and the vehicle accumm depn should show negative (-$20k), net effect on balance sheet is nil. Until the vehicle is sold both entries should stay on the Balance Sheet. Neither affect the current P&L.
Regards
Gavin
