Hi all, I have a question and would be helpful if someone can shade some light
I have plates both for hire and sales (Nice branded plates)
I would assume the once for hire I would capitalise as Fixed assets and depreciated over the years and the one i plan to sell goes as purchases.
What i don't understand is when the plates breaks and damaged on hiring - how do i account for this as a double entry in my bookkeeping software?
Which plates (hire or the once for selling) do i account for as a closing stock at year end? The damage stock will it reduce the closing stock or the Fixed assets?
Hope someone can help
Thanks
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