You do realize this forum is for Hosted. The people here aren't usually Accountants. It's not a simple question. Who paid for it? How did you pay for it? Where did you purchase it? Is it new? On 2nd thoughts, do you have an Accountant? It might be better to have the discussion with her.
Generally a purchase of a Car would be posted to a fixed Asset Account called motor vehicles. If the car is purchased by Hire Purchase then the other side would be under a liability account called Hire Purchase. Kevin is right that this a question for your accountant. If you need some more detailed advice regarding this, I would be happy to help you. You can contact me on 0413 334 905 or [email protected]
Brendon that is EXTREMELY general. This is NOT the place for accounting advice. Chandra, spot on - as usual. Lane you need to consult your own accountant This not the place for free accounting advice. And as the axiom states any advice you get here would be worth exactly what you paid for it. I have professional indemnity insurance as I am required by law. It doesn't mean I consult Doctor Google when I am sick.
Lane Saipaia
Member Posts: 1
Comments
Generally a purchase of a Car would be posted to a fixed Asset Account called motor vehicles. If the car is purchased by Hire Purchase then the other side would be under a liability account called Hire Purchase. Kevin is right that this a question for your accountant. If you need some more detailed advice regarding this, I would be happy to help you. You can contact me on 0413 334 905 or [email protected]
Regards
Brendon Gardiner
Versatile Accounting