Bookkeeping question re vehicle disposed

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  • AZ-Tax
    Senior Member
    • Feb 2008
    • 2604

    #1

    Bookkeeping question re vehicle disposed

    When a 100% business use vehicle that was placed in service 3 yrs ago, is disposed of in 2009, where in books, if at all, does the disposed vehicle appear?
  • dsi
    Senior Member
    • Dec 2005
    • 705

    #2
    Cash-debit
    Accumulated depreciation - debit
    Gain/Loss on disposal of asset - debit or credit
    Vehicle - credit

    The above assumes there aren't any notes payable on the vehicle, and you received cash when you sold it.
    Dave, EA

    Comment

    • AZ-Tax
      Senior Member
      • Feb 2008
      • 2604

      #3
      I did a search for the vehicle that was disposed of

      by "memo" and nothing. I went to "other income/expenses" acct and nothing yet on the P&L under "other income/expenses" it list "gain on disposal of truck" but I have no clue what the sales price was.

      Comment

      • Jiggers
        Senior Member
        • Sep 2005
        • 1973

        #4
        Go to the source

        Originally posted by AZ-Tax
        by "memo" and nothing. I went to "other income/expenses" acct and nothing yet on the P&L under "other income/expenses" it list "gain on disposal of truck" but I have no clue what the sales price was.
        Go to the source of the entry. Who made the entry and what is the detail of the entry?
        Jiggers, EA

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