[Question] Disposal of asset - Partnership

[Seun]

Good day

I am doing the accounting records for a Partnership.
2 assets should be disposed/sold to the 2 partners. The partnership claimed input VAT when asset was bought.

Can I dispose of the assets by credit the assets and debit the partners loan account?
Or will I have to recognise the sale as an income and the output VAT, as well as recognise the profit/loss with the sale of asset.

Kind regards,
Seun

[dellatjie]

You should recognise the transaction as a sale for VAT purposes.


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[Seun]

You should recognise the transaction as a sale for VAT purposes.


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Thanks, I did record it as such.
Cheers