Selling a machine at a gain, with VAT
Transaction
A company sells a used machine for {price} plus {rate}% VAT, received by bank transfer. The machine cost {cost} and its accumulated depreciation is {accum}.
Assumptions: Depreciation has been recorded up to the date of sale.
No equivalent in this convention
The US convention has no VAT. Sales tax on the sale of a used business asset depends on the state, so this item has no single US answer. The sale of equipment at a gain without tax is a separate item.
Choose another convention above to practice this entry.