how to record sale of partially depreciated vehicle

Question

HiI have used my personal car only once for business purposes and claimed depreciation for the business portion in the year 2018-19 company tax return. The value of the car was $35070 and after depreciation, it was $28056 as shown in the Balance sheet. Now I have sold the car to someone for the amount of $27000, Please clarify below:How to record the entry.Do I need to show a loss for that as the vehicle was for personal use only? I just used it for business purposes in the year 2018-19, after that, I purchased another vehicle and registered that on the business name.&nbsp;&nbsp;Thanks for your help&nbsp;Kind RegardsRavinder

tracey_h · Answer

Hi&nbsp;Ravinder&nbsp;
&nbsp;
Thanks for your post. As we're not accountants we're not permitted to advise on how that sale needs to be recorded. You will need to speak to your accountant to ensure it is reported correctly.
&nbsp;
Please let me know if you need further help.
&nbsp;
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Forum Discussion

how to record sale of partially depreciated vehicle

Looking for something else?

Related content

how to record transactions for fully depreciated vehicle after selling

For partial deposit

Refund Partial Deposit

Partial Imports

Partial purchase quote to invoice

Motor Vehicle usage for Bas and Tax

Matching partial payments to one invoice

Detailed motor vehicle expense schedule