October 30, 2016 admin

Fixed Assets Revaluation

Liabilities and Net Worth

NON US FIXED ASSETS REVALUATION NET WORTH ACCOUNT
2870

ACCOUNT EXPLANATION
Balance in this account represents the variance between actual market value of fixed assets (land, property, building, machinery, equipment, etc.) and original cost as determined by a specialist, in accordance with tax laws.
TRANSACTIONS
  Jrnl. Dr. Cr.
  Refaluation of fixed assets as per the specialist report (affects all property, plant, and equipment accounts as corresponds.) CD
    Land 1700
    Land Improvements   1701  
    Building   1710  
    Equipment—Parts Service, Body Shop   1720  
    Equipment Office and Signs   1721  
    Equipment Company Vehicles   1722  
    Leasehold and Leasehold Improvements   1730  
      Fixed Asset Revaluation   2870
COMMENTS
  • Revaluation of fixed assets is a complex process which requires assistance of a specialist who has knowledge of the assets market, fiscal treatment of assets, and economics index calculation.
  • Do not include within this account any new investment.
  • Usually accounting records for this account are included in the statement prepared to support Fixed Assets original value and depreciation.