Sandro Venus Income Statement
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Could seomeone help me on this, I am trying to complete a income statement and am not sure what entries I need to put in the income statement for the disposal of a vehicle.
The question is as follows:
At tHE end of the year one of the motor vehicles which had cost 5500 and on which there was accumulated depreciation of 2400 was sold for 3500. Payment for the vehicle sold has not yet been received by sandro venue and no entry to refelct the sale has been made in the extended trial balance.
Could someone advise me what the entries for the above would be and which ones would affect my income Statement?
The question is as follows:
At tHE end of the year one of the motor vehicles which had cost 5500 and on which there was accumulated depreciation of 2400 was sold for 3500. Payment for the vehicle sold has not yet been received by sandro venue and no entry to refelct the sale has been made in the extended trial balance.
Could someone advise me what the entries for the above would be and which ones would affect my income Statement?
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