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Post Info TOPIC: Old vehicle part ex against a new vehicle


Newbie

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Old vehicle part ex against a new vehicle


Hello me and my friend are struggling with the below.

Supplier asked for sales invoice for full trade in amount of 19000. + vat posted to sale of assets account. Payment Outstanding.

New vehicle purchased for 40000 + vat

Old vehicle FA of 22000

Depreciation 16000

Finance balance of 11000

The dealership used the whole amount including VAT against finance and new vehicle.

Full trade in include 11000 finance settlement and 11800 part ex.

New finance on new vehicle is 35200 as dealership gave 1000 allowance.

How do I journal the transaction including the sales invoice?

any help would be greatly appreciated.



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Master Book-keeper

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Posts: 3786
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This forum is primarily for bookkeepers and accountants to help each other, and whilst we do try to help others with basic questions, this one would probably be best to get your accountant's help with.



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



Newbie

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Posts: 2
Date:

Ok thank you I was just trying to get ahead! We only employee one person and primarily do most of the accounts work ourself and at year end our accountant stepped in. I didnt want it to be hanging around until year end. I will contact them now. Thank you.

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