How I dispose a fully depreciated motor vehicle ?

Didn't find your answer?

How I dispose a fully depreciated motor vehicle in balance sheet?

Replies (22)

Please login or register to join the discussion.

By Tim Vane
24th Sep 2018 07:41

Autotrader.co.uk?

Thanks (0)
avatar
By andy.partridge
24th Sep 2018 07:52

Gumtree

Thanks (0)
By johngroganjga
24th Sep 2018 07:56

Tim’s answer is a perfectly reasonable one for the question you ask. But I guess, and I suspect that Tim does too, that you meant to ask how to account for the disposal when it has taken place.

If you would like to explain why the matter is causing you difficulty, and why the answer is not obvious, you will increase your chances of getting a helpful answer.

Thanks (0)
Replying to johngroganjga:
ALISK
By atleastisoundknowledgable...
24th Sep 2018 08:48

Suspect the difficulty the OP is having is that there is no ‘profit on disposal’ figure.

OP - the answer is ... there is no ‘profit on disposal’ figure. Dr Acc depn, Cr cost. If it’s fully deprecated, that journal will balance, job done.

Thanks (0)
Replying to atleastisoundknowledgable...:
Routemaster image
By tom123
24th Sep 2018 09:55

Surely the profit on disposal is the full sales value?

Thanks (1)
Replying to atleastisoundknowledgable...:
avatar
By andy.partridge
24th Sep 2018 10:05

Ooh, are you suggesting that all fully depreciated vehicles are always disposed of 'free' to the collector?

Thanks (0)
Replying to atleastisoundknowledgable...:
RLI
By lionofludesch
24th Sep 2018 12:13

Whoa !!

Thanks (0)
Replying to atleastisoundknowledgable...:
ALISK
By atleastisoundknowledgable...
25th Sep 2018 08:45

To be fair, the OP said ‘disposed’ not ‘sold’. As thomas34 said “ ... scrapped ...”etc.

I wouldn’t want to assume anything not in the OP ... ;)

Thanks (0)
Replying to atleastisoundknowledgable...:
avatar
By andy.partridge
25th Sep 2018 12:11

'Assume' is actually what you did.

"Disposal may be accomplished by abandonment, destruction, internment, incineration, donation, sale, etc."

Read more: http://www.businessdictionary.com/definition/disposal.html

Thanks (1)
Replying to andy.partridge:
RLI
By lionofludesch
25th Sep 2018 12:34

Internment ??

Thanks (0)
Replying to lionofludesch:
avatar
By andy.partridge
25th Sep 2018 13:29

Well I'm not really in favour of trial by jury for fixed assets.

Thanks (0)
Caroline
By accountantccole
24th Sep 2018 11:38

Who is it being disposed to? Any related party/market value issues?
Are there any disposal proceeds? Or is it being scrapped?

Thanks (0)
Replying to accountantccole:
Oaklea
By Chris.Mann
24th Sep 2018 15:15

The OP hasn't covered him/herself in any glory in setting out the enquiry and, as so often happens these days, within the Aweb forum, one tends to have to decipher what the intention was.
From my understanding, the question is, how to remove a fully depreciated motor vehicle, from the balance sheet. As I understand the question, there is no physical disposal of the said vehicle.
I could be wrong. I have been, on many occasions, before!

Thanks (0)
Replying to Chris.Mann:
RLI
By lionofludesch
24th Sep 2018 15:24

Ah, well, if it's still in use, you leave it on the balance sheet.

Thanks (0)
Replying to lionofludesch:
ALISK
By atleastisoundknowledgable...
25th Sep 2018 08:48

Side question - if all fixed assets are fully deprecated, do you need a FA note under FRS102s1A? £nil NBV in PY and CY?

Thanks (0)
Replying to atleastisoundknowledgable...:
RLI
By lionofludesch
25th Sep 2018 11:17

Yes.

You have Fixed Assets. You need a note.

Just because you value them at nil doesn't change this, imho.

Thanks (1)
avatar
By thomas34
24th Sep 2018 15:58

"Fully depreciated" means it's got **** all value in the balance sheet. "Disposed of" means sold, scrapped, thrown away. Ergo the sale proceeds are a profit on sale. I'm amazed that such simple concepts have kept me in a job for so long.

Thanks (1)
RLI
By lionofludesch
24th Sep 2018 16:04

Aye, well, I suppose we'll have to wait until the OP can explain what his question actually is.

Thanks (0)
Replying to lionofludesch:
avatar
By andy.partridge
24th Sep 2018 16:17

Could be a long wait as that cloak of anonymity will have to be removed. I suppose they could try to pretend that they are a good friend of the OP but that old trick has been tried before.

Thanks (1)
Portia profile image
By Portia Nina Levin
24th Sep 2018 16:21

Ladies and gentlemen. AWeb has achieved a new low.

Thanks (3)
Replying to Portia Nina Levin:
RLI
By lionofludesch
24th Sep 2018 16:22

Lol

Thanks (0)
avatar
By Dib
24th Sep 2018 16:24

This must be in the running for shortest/least informative question of the year!

Thanks (0)