[GNC] Split ownership

[Gyle McCollam]

I would have recorded the golf cart as an asset, for 1/2 the total price.  Then over the years, I would have depreciated the golf cart based on it's useful life.  I assume this wasn't done.  Anyway, at this time when it was sold, I would credit the golf cart asset for the amount of the cash and debit wherever you put the money, cash, bank account, whatever.  The difference of what you paid and what you received, I would credit the golf cart and debit whatever account you expense you golf cost to.  Formal accounting in a business would be different.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org> on behalf of Fred Tydeman <tydeman.fred at gmail.com>
Sent: Monday, June 27, 2022 7:01 PM
To: Gnucash Users <gnucash-user at gnucash.org>
Subject: [GNC] Split ownership

A friend and I bought a golf cart, each paying 1/2 of the price.
Some years later, we sold that golf cart (for less than we paid, splitting
what we got).
How should all of that be recorded?
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