Vehicle purchased in 2015 not accounted for in books

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  • Raeesah
    New Member
    • Aug 2017
    • 6
    #1

    [Question] Vehicle purchased in 2015 not accounted for in books

    Hi. I have a situation where the business purchased a vehicle in 2015. This has not been accounted for in the books and I now wish to process the entries.

    How would i account for the previous payments made so that the Liabilies balance reflects as what is owing currently. The vat was never claimed as well.

    Thank you
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