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Thread: Entries For Vehicle Traded in

  1. #1
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    Entries For Vehicle Traded in

    Hi

    Please could someone assist with journal entries for vehicle traded in with effects of VAT:

    Vehicle A Traded in:

    Amount Offered: R 180031.08
    Settlement Amount: R 93031.08
    Nett Amount: R 87000

    Vehicle B:
    Price incl vat: R 122000
    Trade in allowance: R 87000
    Cash deposit: R 1000
    Balance: R 34000 (paid cash no hire purchase agreement)

  2. #2
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    Without the cost and accumulated depreciation of Vehicle A, you can't be helped. You would also need to advise whether the Vehicle A enjoyed a VAT credit or not, and whether vehicle B qualifies for one or not.

  3. #3
    Diamond Member Neville Bailey's Avatar
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    I suggest that you look at this thread and my explanation in #2.
    Neville Bailey - Pastel Accounting Consultant and Photographer
    neville@accountingsoftwaresupport.co.za
    www.accountingsoftwaresupport.co.za
    IronTree Online Solutions
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    "Give every person more in use value than you take from them in cash value."
    WALLACE WATTLES (1860-1911)

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