SEARCH, INDEX, UPDATES, CONTENTS, UNDERSTANDING, BASIC ACCOUNTS, FIXED ASSET SCHEDULE
The minimum analysis will normally be -
Some accounts may choose to show much more detail and may divide -
Some businesses may have intangible assets such as goodwill included on the Fixed Asset Schedule.
Most accounts will show assets at Original Cost, although some will show assets which have been revalued, some will show a WDV brought forward.
Additions and Sales during the accounting period will be shown. Additions are almost always shown at cost. Sometimes the Original Cost of the items sold is shown, otherwise the sale proceeds will be shown.
Occasionally, perhaps following the purchase of a business, assets will be shown at "fair value" which is an apportionment of the purchase price over the assets bought.
After deducting depreciation, the fixed assets will be included in the accounts at a carrying value.
Because any asset has different values depending upon its use to the valuer at the time of valuation, no carrying value is "correct". Whenever you consider the value of the assets of any business, you must consider the circumstances. You may need to make enquiries in order to understand the carrying value in the accounts. You will then need to consider the true value of those assets in the circumstances appropriate to your valuation.
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