Hello, I am trying to figure out how to depreciate or account for the loss of a business vehicle that is purchased and then sold/disposed of in the same financial year. Say I buy a new vehicle on 31 July 2023 for $60,000 and then sell this same 100% business vehicle six months later on 31 December for $45,000. How do I calculate the decline in value - and then work out the balancing adjustment? Do I claim a depreciation deduction for the six months (153 days) and then calculate a balancing adjustment from the amount depreciated - as compared to the $45k termination value? Thanks.
160 views
160 views2 replies
2 replies
160 views
2 replies