i have a truck on finance and a motor vehicle for half personal and half business. this too is on finance. i traded my personal car in for $5000 to pay for the business car.
does this get entered into a long term liabilities account?
is it classified as owners contributions ($5000) to pay for the car?
or it this listed into fixed asset account- motor vehicle.
i have made up two long term liabitlity accounts one for the truck loan and one for the car.
i am assuming that i do the same for the insurances and the registration.
thankyou in advance for your help