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Record Purchase Of A Vehicle

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Recording a vehicle purchase with finance - how to?

purchased a new truck for the business and the deal was done with a trade in of the old (financed) and purchase of new (also under finance). While I have created the asset account and long term liability I think I've made an error as the GST needs to be recorded for both the sale of old and purchase

Journal entry help re purchase of new vehicle with trade-in of old vehicle

Old vehicle is shown in motor vehicle asset account at cost $9,244 incl GST Old vehicle was traded-in for $5,400 incl GST New vehicle cost 9,900 incl GST to buy This was paid for from the trade-in of $5,400 plus $4,500 in cash How do I best record thes transactions (including the loss on the sale of…

Company purchasing a car

Hi everyone, I have an urgent issue for purchasing a car. First of all, my question is if I need an invoice to record such a transaction because I just have "Offer to Purchase" on hand now. Secondly, on the "Offer to Purchase", it says: Vehicle Price: $128,136.01 Business Registration Fee $685 Registered…

Vehicle Purchase - partially used for business - how to record as an asset and depreciate

…I record this to claim part of GST in current BAS and depreciate by 15% (small business rules apply) for this financial year? Purchase cost ex GST: $16340.27 GST: $ 1634.03 Reg Fee: 450.10 Stamp duty: 440.60 Drive Away including GST: 18865.00 Less trade in: $8000 (trade in car was private vehicle not…

Purchase of vehicle with trade-in under finance, pay out of finance and new finance

I have a client who has purchased a vehicle under finance. He traded in a vehicle that was also under finance. The dealer paid the finance out of the trade-in. The invoice reads as follows: Purchase $75,900.00 Less trade in $51,000.00 Less GST on trade in $5,100.00 Plus pay out on trade-in $51,228.59…

Vehicle Purchase - partially used for business - how to record as an asset and depreciate

…I record this to claim part of GST in current BAS and depreciate by 15% (small business rules apply) for this financial year? Purchase cost ex GST: $16340.27 GST: $ 1634.03 Reg Fee: 450.10 Stamp duty: 440.60 Drive Away including GST: 18865.00 Less trade in: $8000 (trade in car was private vehicle not…

Best way to record asset purchases under $6500???

…assets that I have purchased throughout the year are put into this account as they are 100% tax deductible. However I'm not sure if this is the best way to deal with these purchases - some of these purchase are only $200 or so - but others are bigger like a second hand vehicle for $4000. Should I be…

Recording stamp duty of new car

Hi there, We have recently purchased a new company car and I have used Spend money to enter it as: 2-3000 CarLoanAcct to Personal Lender card total amount 33,960.00 then listed the following: 1-3000 Motor Vehicle Cost $32,480.00 6-4000 MV - Reg & Insurance 815.00 - this is the stamp duty but do I need…

Sale of company vehicle

…When the vehicle was initially purchased, the purchase was recorded in MYOB in an account called 'vehicle original purchase' with CAP as the tax code. Total purchase price was $18,700 total and this was paid in full with no loans or trade inns. The GST paid was hence $1700. How do I record the disposal…

Purchase of vehicle

I would like to lease a new utility. As my company does not yet have a track record of earnings, it will be easier to purchase in my own name. For tax purposes, can I then charge the company for the use of the vehicle (ie to claim depreciation, interest, expenses etc etc)

Personal and Business transactions from same bank account

…My partner only has the one account for personal and business transactions, he is a sole trader. He only has the one vehicle and uses the vehicle 90% for business. How do i record personal expenses? I.e. food, rent and so on?

Recording repayment of monies loaned to the business by owner to purchase assets

My husband and I purchased a vehicle with our own funds for the business with the intention of the business paying us back when funds allowed. I have set up a MV - at cost account and put the purchase of the vehicle in that. I would now like to pay a portion of the loaned money back to myself. I have…

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