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Thread: Disposal of asset - Partnership

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    Disposal of asset - Partnership

    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

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


    Sent from my iPhone using Tapatalk

  3. Thanks given for this post:

    Seun (27-Jan-20)

  4. #3
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    Quote Originally Posted by dellatjie View Post
    You should recognise the transaction as a sale for VAT purposes.


    Sent from my iPhone using Tapatalk
    Thanks, I did record it as such.
    Cheers

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