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

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Does someone knows how to enter the amount (gst free) when you sold the business? ( small, simple business)
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erika

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Posted 6 months ago

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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.