Help. Ican't remember this obvious question

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
If a fixed asset is still worth a significant value after it is fully depreciated, how would we keep this on the balance sheet. What are the book-keeping entries. I should know this but I am having a mental block!!<BR><BR>Thanks<BR>

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help. Ican't remember this obvious question

    If you just want the asset to remain on the balance sheet then you don't have to do anything because as long as the asset is still on the balance sheet (and has not been disposed of) the computer will just keep carrying the asset forward at a £nil NBV but showing the original cost and depreciation to date.<BR><BR>If you want to give it a new value then you could always revalue it.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help. Ican't remember this obvious question

    Don't forget that the amount of the revaluation would be credited to the revaluation reserve.............
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help. Ican't remember this obvious question

    Sorry - NickyAllen is right.<BR><BR>Forgot to say DR Fixed Assets CR Revaluation Reserve.<BR><BR>Also remember that the increase in valuation will be reported<BR>through the Statement of Total Recognised Gains & Losses.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help. Ican't remember this obvious question

    Ok to revalue but this would mean re valuing all the assets in that catagory.

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