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Post Info TOPIC: Fixed asset or not?
Princess


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Fixed asset or not?
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I have a ltd company client that valets cars.  They saw a car for a good price knowing they could sell it for more, and then sold it for a small amount more than they paid for it.  How do I account for this?  Is it a fixed asset which they buy and sell?  I am not doing their final accounts but out of interest how would that work with the capital allowances?  Thanks in advance



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RobH


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Not...it's stock, so just debit purchases and credit sales (vehicles)

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Rob
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Princess


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Thank you. I hoped it was.

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