I am in the process of preparing accounts for a partnership.
One of the partners has bought a car for 16000 which he tells me will be used 50% private and 50% business use.
Based on the CO2 emissions I have written it down as 16000 x 20% x 50% = 1600
My question is, what value do I put in the asset register?
Any help much appreciated.
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The cost
£16,000 (if bothering - see the recent thread on "Do you prepare a balance sheet?"