Accounting of vehicle owned prior to starting the business

Lock Hrt (Not An Accountant) (38 Points)

16 August 2016  

Hi,

I purchased  vehicle in the year of 2009 at 92,000 (76,000 Base price + loan interest)

I started using it for the business which started in 2014. Use of the vehicle us 80% business and 20% personal.

Can I show it as a fixed asset? What will be openeing balance of this fixed asset in 2014 and how can I take the depriciation using above 80%-20% usage.

Thanks.