Selling an old car...
John R. Sowden
jsowden at americansentry.net
Mon Jun 26 14:26:03 EDT 2006
On Mon June 26 2006 00:04, Beth Leonard wrote:
> On Mon, Jun 26, 2006 at 01:20:51AM -0400, Lincoln A. Baxter wrote:
> > I intend to deposit the proceeds into my checking account. The problem
> > is... where should I have accounted for the value (asset) of this old
> > car.
> Equity:Opening Balances
> Assets:Fixed Assets:Old Car
> Unless you want to back-track in the depreciation expenses of your
> old car, it's easiest to just use the actual value you sold it for.
> Now that you've sold it, the money goes into your checking account
> from your Assets:Old Car account, bringing the Old Car account back
> to $0. In essence, the money your bank account just received is
> for an asset you held before you started, an opening balance asset.
> There's a bit on depreciation in the manual if you want to do
> it for your next car:
> I also like the cap gains example:
> + Beth Leonard +
> + O say, does that star-spangled banner yet wave +
> + O'er the land of the free and the home of the brave? +
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undepreciated value of car in depreciation schedule: 3,800.00 (including
Sales Price: 4,200.00
DR Cash 4,200.00
CR Other Income 400.00
CR Depreciation, Vehicle #3 3,800.00
Remove Asset from Balance Sheet:
Debit Accumulated Depreciation 10,000.00
Credit Asset, Vehicle #3 10,000.00
John R. Sowden
AMERICAN SENTRY SYSTEMS, INC.
Residential & Commercial Alarm Service
UL Listed Central Station
Serving the San Francisco Bay Area Since 1967
mail at americansentry.net
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