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General Accounting Discussions: Starting up a new business

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    My partner has just started up as a sole trader and has contributed his vehicle to the business. How is this vehicle valuated for balance sheet purposes? I need to enter all assets and liabilities and capital upon commencement of the business but this vehicle was purchased in 2007 and has had depreciation claims for tax against it since then under my partner's tax file number as he was an employee up until he started his business.
    How am I working out it's value?

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