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View Full Version : How to account fully depreciated asset again to the asset list


khalidkm
May 24, 2010, 03:50 AM
Can we add the fully depreciated items again in the Fixed asset addition

If possible, what will be the entry

Example - Vehicle

ROLCAM
May 24, 2010, 04:18 AM
You can do this, by revaluing
the asset to a higher figure.

DEBIT Vehicle Account 10,000
CREDIT Asset Revaluation Reserve Account 10,000

Being the increase of the Estimated Replacement value of the Asset.