Forum Discussion

Ravinder's avatar
Ravinder
Experienced User
4 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
    4 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
4 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
    4 years ago

    Hi Julie

     

    Thank you so much for your help, really helpful.

     

    Kind Regards

    Ravinder 

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.