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.
- Sage 2010 data corruption 83 4
- Sage at it again? 334 5
- BrightPay 497 13
- Does anyone know how to deal with crowd funding income 158 5
- Is this a scam? 1,558 27
- Classic cars investment 119 2
- Abandoning accountancy membership in order to operate as a sole trader 679 19
- New Company - Corp Tax Period 133 5
- paid or unpaid - who knows! 390 6
- S455 452 21
- online book keeping systems - what happens after you stop paying? 463 12
- How do I complain about an FCCA accountant 158 3
- client issues 310 4
- Cater Allen Commission 83 2
- Capital Gain? 354 9
- Splitting rental income on jointly owned property 174 2
- Lack of Quickbooks Online Coverage 65 1
- Amending supplier account code in Sage 50 192 5
- Gift or Capital Gain? 190 5
- RTI - new employee 126 2
- Benchmarking 465
- Possible Partnership? 414
- Tax and accounting treatment on long lease granted from freehold 401
- Lunatics in charge of the asylum - Bluestone 385
- Old Books for a 'NON' Client 329
- Purchase of property freehold - capitalisation of costs 192
- Growing Limited Company concerned about assets if something goes wrong 176
- Income tax on foreign dividends 171
- Clubs and Taxable Income 168
- Subsistence and hotel expenses 162