UK Sale of part asset which has been written off

[Steve Panessar]

Hi can anyone advise how to journal the scenario below..? Thanks

___________________________________________________________

Received cheque for £50 including VAT for the sale of some

old office equipment. It had cost £200 and been fully written off.

 

[Bert82]

in a far way i'd book as

cash/cheque 50.00 GBP
to revenue sold assets 40.00 GBP
to Sales-VAT 10.00 GBP

is in the UK a residual value of 1.00 GBP usual also for "written off" assets?
if yes..

depreciation of residual value for sold asset (1.00 GBP)
to asset register (1.00 GBP)

 

[Steve Panessar]

OK Thanks Bert,
But I was thinking to post straight to P+L a/c as the asset has already been written off previously.

 

[Bert82]

Ouch, i've just realised you wrote 200.00 GBP (low-value asset) and before i thought "2,000.00 GBP"; than please ignore my previous post.
Than i'd suggest to book that sales as "other revenues"
bank/cheque
to other revenue

 

[hirschcogmail.com]

Hi

Since it had been fully written off the £50 should be shown as a chargeable gain which can be used to reduce your WDA charge
for the year by £50.

Kind regards

 

[Dave In Capital]

On the p&l you want to make sure it's presented distinct from income from operations.