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Hi,
Can any one tell me about the procedure that when the life of asset finish and organization want to use further how we will record it in the balance sheet.


thanks in advance

In the Balance Sheet, Assets are not shown as individual items. The Total of the Asset Register will appear in the Balance Sheet.

When it comes to retired asset but management wants to continue that Asset to use, what ever the residuary value available in the Asset Book will appear in the Balance Sheet.

There is another case, where management wants to revalue the Asset. In that Case, Asset will appear with the Revalued Cost. What ever the Revalued appreciation, that will in the Revaluation Reserve in the Liability Side

Is it OK ?

Upendra Donepudi