Best way to record in Account Hosted that the business is sold

erika_7719768
erika_7719768 Member Posts: 20 Novice Member Novice Member
edited January 2018 in Accounts Hosted
Does someone knows how to enter the amount (gst free) when you sold the business? ( small, simple business)

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  • Jacqui Allen
    Jacqui Allen Member Posts: 239 Reckoner Reckoner
    edited January 2018
    Generally there is both goodwill GST free and stock & or plant & equipment which does attract GST.
    Do a journal entry Debit Bank, Credit income account "Sale of Business Proceeds" you accountant will take it from there.

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