Good Evening,
Newbie here
I just have a couple of quick queries regarding Cash Basis accounting for my small photographer business (sole trader):-
1. Loans/Credit Card - I purchased some new equipment in 2018/19 using credit. Do I need to record this as one expense OR record an expense for each individual monthly repayment? Seems to be a bit of a grey area.
2. Sale of old equipment - I also sold some older Camera equipment that was brought for the business in the past. Do I need to show this as income or not?
Any help would be greatly appreciated and I look forward to using these forums over the coming weeks/months
Cheers,
David
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