Forum Discussion

Ravinder's avatar
Ravinder
Experienced User
5 years ago

how to record transactions for fully depreciated vehicle after selling

  Hi there, 1.   I bought a VAN for business on 21 January 2019 for $9000 from someone. I fully depreciated it as an instant              assest write off in the annual tax return 2018-19. Now I ha...
  • Julie_A_C's avatar
    Julie_A_C
    5 years ago

    Hi Ravinder 

     

    Do a general journal entry (tax inclusive/sale ticked) memo sale of van

    Credit Other Income account-Sale of Capital Item $5,500

    Debit Bank $100

    Debit either Loan to Director/beneficiary/owners equity (depending on business structure) $5400

     

    Do a receive money transaction to the bank account for $437 with memo- reimbursement of rego for van sold from purchaser and allocate to the same bank account, which will account for the withdrawal and deposit.

     

Julie_A_C's avatar
Julie_A_C
Ultimate Cover User
5 years ago

Hi Ravinder 

 

Do a general journal entry (tax inclusive/sale ticked) memo sale of van

Credit Other Income account-Sale of Capital Item $5,500

Debit Bank $100

Debit either Loan to Director/beneficiary/owners equity (depending on business structure) $5400

 

Do a receive money transaction to the bank account for $437 with memo- reimbursement of rego for van sold from purchaser and allocate to the same bank account, which will account for the withdrawal and deposit.

 

  • Ravinder's avatar
    Ravinder
    Experienced User
    5 years ago

    Hi Julie

     

    Thank you so much for your help, really helpful.

     

    Kind Regards

    Ravinder 

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