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Bookkeeping question re vehicle disposed

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    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?

    #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

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      #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.

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        #4
        Go to the source

        Originally posted by AZ-Tax View Post
        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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