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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