hi all,
i purchased a 2nd hand car in april 2009. i want to sell it in october.
this car was used for by own business and hence i used to charge depreciation.
Can i charge depreciation expense this year, if yes how much?
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depreciation on selling 2nd hand car
Replies (2)
Yes charge the depreciation until you sell it. Suppose you will sell it on 1st October,2010 & you follow WDV method of depreciation, In that case-
Depreciation on car = WDV of car on 31st March,2010 * Rate * 6/12
Yes you need to charge depreciation for 6 months & you need to dicharge VAT on sale of CAR.
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