Forum Discussion

Ravinder's avatar
Ravinder
Experienced User
2 years ago

how to record sale of fully depreciated assets

Hi

 

I purchased a Van for the amount of $9000 in January 2021 and depreciated it as an instant asset write-off ($9000). The Van was registered in the company name.

Now I have sold the Van to someone for the amount of $2800. As the vehicle has fully depreciated, Please help me to record this entry.

 

Your help will be much appreciated.

 

Thanks

Ravinder Kaur

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    2 years ago

    Hi Ravinder 

     

    Thanks for your post. As we're not accountants we're not permitted to advise on how this transaction needs to be recorded. You will need to check this with your accountant.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.