Disposal of MV
I have a client who has sold a motor vehicle, bought through his sole trader business.
In the MV account, after putting sale price through and depreciation reversed this leaves £4,000 as a debit. balance
In the acounts I am assuming that I will need to
Cr MV £4k to clear this balance out and Dr P & L £4k (but where woudl this go, would this be a Cr to MV Depreciation?) as this would reduce the total depreciation figure being put through overall for the year.
As the Asset list I have shows the NBV and if i input the net of vat sale figure this also leaves £4k as a negative figure.
Under her HP loan, after paying off the amount requested, and payments made thoughout the term, there is a Debit balance of £2,000. Which although i will check out, assume is an early repayment charge or interest upon paying it off early (3 years into a 6 year term),
Will I also need to
Cr HP loan £2,000 and Dr Loan Interest in the P & L £2k
Just haven't dealt with a disposal that has cleared something out completely before.
Any help would be appreciated.
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