When I started my business, I added my personal vehicle as a fixed asset. I sold that truck and fully purchased a newer truck from a private owner. How do I record it?

Personal vehicles are just that - personal, and are not part of your business accounting.

Since it was not supposed to be on the books to start with (neither is the new truck) I would write it off to equity with journal entries

debit owner equity and credit the fixed asset account for the amount in the fixed asset account

if you claimed depreciation, another journal entry, debit equity and credit the accumulated depreciation account for the amount in the depreciation account.  Technically this should be done by year to also get rid of the expense, delete the expense entry for depreciation per year or make a reversing journal entry each year.  That of course will change the net profit and your income tax return for each of those years, resulting in filing amended returns, and most likely additional tax due

---

@Rustler wrote:

Personal vehicles are just that - personal, and are not part of your business accounting.

 

Since it was not supposed to be on the books to start with (neither is the new truck) I would write it off to equity with journal entries

 

debit owner equity and credit the fixed asset account for the amount in the fixed asset account

 

if you claimed depreciation, another journal entry, debit equity and credit the accumulated depreciation account for the amount in the depreciation account.  Technically this should be done by year to also get rid of the expense, delete the expense entry for depreciation per year or make a reversing journal entry each year.  That of course will change the net profit and your income tax return for each of those years, resulting in filing amended returns, and most likely additional tax due

 

 

---

Does that include personal vehicles used for business purposes?