How to record sale of partially depreciated vehicle

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(Enthusiast)Enthusiast

7 Apr 2022

I have used my personal car only once for business purposes and claimed depreciation for the business portion in the year 2018-19 company tax return. The value of the car was $35070 and after depreciation, it was $28056 as shown in the Balance sheet. Now I have sold the car to someone for the amount of $27000, Please clarify below:

How to record the entry.
Do I need to show a loss for that as the vehicle was for personal use only? I just used it for business purposes in the year 2018-19, after that, I purchased another vehicle and registered that on the business name.

Thanks for your help

Kind Regards

Ravinder

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