Accounting of vehicle owned prior to starting the business

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Hi,

I purchased  vehicle in the year of 2009 at 92,000 (76,000 Base price + loan interest)

I started using it for the business which started in 2014. Use of the vehicle us 80% business and 20% personal.

Can I show it as a fixed asset? What will be openeing balance of this fixed asset in 2014 and how can I take the depriciation using above 80%-20% usage.

Thanks.

Replies (1)

If say, the vehicle is valued at 45,000

Would it be like this?

Motor Vehicle (Fixed Asset) Dr. 45000
Capital Cr. 45000


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