UK van bought with loan how to put through accounts??


psg

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Hi I've been doing my partners books for 13 years now....he has always used a car for his work ( self employed builder) which we have also used for the family, hence not claimed all motor costs. In December he took out a personal loan and purchased a van from auction how do I put the purchase through the accounts ( I hand write the accounts then do profit and loss on the laptop ) an accountant I spoke too said I can put the full cost through as depreciation has been stopped for smaller amounts? If I put the whole purchase cost through what do I do about the loan into the bank account and repayments from the bank account? ??? All help appreciated :)
 
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ACC

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Which jurisdiction are you in? That would impact whether the depreciation treatment is as your accountant friend said. For a van that is being financed by a longer term liability, I'd be wary of simply expensing the van directly to the income statement.
 

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