Revaluation of Fixed Assets for Marketing Company

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System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in General member discussion
Need a bit of advice on this one.

The company I work for is an exhibition company and currently has no capital stock.

They have stock that is used for exhibitions so generates revenue.

Currently this has not been accounted for in the balance sheet so has hit the P&L and is looking a little sick because of this.

As the equipment they use (gantry, flooring furniture etc) is used over and over again, can I reclassify this as an asset? If so which part of the balance sheet does it go?

They also hire out furniture - can I reclassify this as an asset and again where in the balance sheet should it go?

Many thanks

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  • System
    System Posts: 100,534 🤖 Admin 🤖
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    Re:Revaluation of Fixed Assets for Marketing Company

    Lets see a scenario of what is happening. Bookkeeping entries etc.

    If is tangible movable property you capitalise it :? have these items been put through the P & L straight away?

    Are you doing the first year? Does the above happen year on year?

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
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    Re:Revaluation of Fixed Assets for Marketing Company

    Surely if it has already been put through the P&L and thereby not paid tax on it, it now cant be re-classifed as a FA :?

    Claudia
  • System
    System Posts: 100,534 🤖 Admin 🤖
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    Re:Revaluation of Fixed Assets for Marketing Company

    It can but you will have to redo the accounts, all the tax work and re-submit tax returns etc. :shock:

    This is why we need more details.

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
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    Re:Revaluation of Fixed Assets for Marketing Company

    Well that is simple, easy and cheap to do Dean :shock: :lol:

    Claudia

    Sorry - dont mean to be short, just hot and tired now and not at all 8)

  • System
    System Posts: 100,534 🤖 Admin 🤖
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    Re:Revaluation of Fixed Assets for Marketing Company
    claudialowe wrote:
    Well that is simple, easy and cheap to do Dean :shock: :lol:

    Exactly! :)

    Regards

    Dean

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