I am completing a set of financials for a sole trader. They purchased a car during the year which they use for work and private use. Their previous car was not included in financial statements so no depreciation calculated and no capital allowances were claimed.
New Car cost 26K
Trade in Received on old car 14.5K
Down payment made on new car 11.5K from private funds
My question is how do I bring in the value of the new car?
Dr Fixed assets 26K
Cr Capital Introduced 11.5K
Cr ???? 14.5K
Or Can I leave the Motor vehicle out of the financials completely and when filing in ROS just claim a portion of capital allowance based on the business only portion.
New Car cost 26K
Trade in Received on old car 14.5K
Down payment made on new car 11.5K from private funds
My question is how do I bring in the value of the new car?
Dr Fixed assets 26K
Cr Capital Introduced 11.5K
Cr ???? 14.5K
Or Can I leave the Motor vehicle out of the financials completely and when filing in ROS just claim a portion of capital allowance based on the business only portion.