Hi
I bought a company vehicle not long ago for £3350 and logged the purchase as an asset (Motor vehicle 0050). I'm now selling this vehicle though for £3000.
How do I log the £350 balance between the original purchase price versus the new sale price?
I'v looked at journals but can't quite figure them out.
Also, once I sort out the depreciation, how do I log the sale of asset so it doesn't show on my balance sheet anymore? Is it just done as a sale invoice?
I'm not great at accounts or book keeping. Just something we've all got put up with in business so any help would be very much appreciated.
Many thanks in advance, Davie