Posting a Vehicle Fixed Asset Sale

This article deals with posting a business vehicle fixed asset sale in your books.

Let’s assume the following items:

• There were no liens on your business vehicle.
• This was entirely a cash sale.
• There are no trade-ins involved.

Before proceeding in your books, you will need to realize the following:

• You will need to remove this Fixed Asset from your books.
• You will also need to zero out the Accumulated Depreciation in your books for this vehicle.
• You will need to recognize any gains or losses as a result of this business vehicle sale.

So, now let’s post that business vehicle sale:

Note: Let’s assume this vehicle was originally purchased by you for $15k; but now you sold this business vehicle for $10k.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your C.P.A. for verification and clarification about the contents of this article.