Assistance will be highly appreciated. (bundling them all)
Sale of vehicle of vehicle entries on pastel
Question 1 - Disposal of a vehicle
Vehicle settled by company directly
Settlement value is 75k
sold value is 70k
DT Installment Sale account with 75k (contra Cash book)
CT Installment sale account with 70k (contra cash book)
take balance to pft/loss of non current asset?
What do I do with motor vehicles at cost and depreciation to take it out.
What is the difference if the 70k is paid directly to the bank ?
Second question is with regards to disposing of other assets like office equipment? What entries will be used there for instance if a computer was bought for R3000 last year and getting sold for R 1000 this year? no depreciation was done
with vehicles and equipment - these are all second hand goods and therefore no vat is invoiced or collected?
Thanks in advance