fixed asset valuation on cost or current value

Bought NEW office furniture in liquidation sale very cheaply - how value as an asset?

Didn't find your answer?

Does the asset have to be posted at the purchase price or can it be posted at its value price which is obviously much higher than the purchase price?

Replies (3)

Please login or register to join the discussion.

ALISK
By atleastisoundknowledgable...
21st Apr 2018 12:38

Depends - do you want to show a ‘Profit on Revaluation’ in your P&L?

Thanks (0)
Replying to atleastisoundknowledgable...:
avatar
By sudden-impact
21st Apr 2018 16:55

Many thanks for quick reply, is it an issue showing a "profit on revaluation" in P&L ?

Could you enlighten me on the process to re-value, would we carry out via the Asset Register ?

Thanks (0)
Replying to sudden-impact:
avatar
By Tax Dragon
21st Apr 2018 17:33

Issues vary depending on the entity involved. Could you enlighten us?

Thanks (0)