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I am using an older version of MYOB Business Basics as we have a small business. For the first time I need to record the sale of an asset at a loss and am struggling to work out what accounts I should use. Especailly if the Gain/Loss on Asset Disposal account should be subject to GST.
Can someone please help me with what accounts I should be using and which ones are subject to GST.
Asset oginal value was $8000.00 (including GST)
Current book value $2351.70
Sold for $635 (inclding GST)
To get this completely correct - this is more a question for your accountant. I can tell you that the Loss on sale is not GSTable only the sale price of the asset..