I've recently lost a laptop that I bought as a first year cap ex (£700 purchase).
In reading around to see how I account for that loss in my books, it would seem that:
1. Despite that CapEx being expensed in full, I should have listed it as a Fixed Asset on my Balance Sheet and I should have been writing down its value on interval
2. First Year CapExs still need to go on a Fixed Asset Register even though they were expensed
3. The loss is 'reported' by removing the 1st year CapEx asset as a fixed asset from the Balance Sheet
4. The loss is also 'reported' by setting an end date on (or otherwise removing) the 1st year CapEx asset from the Fixed Asset Register
Can anyone in the know confirm or correct my understanding?
In reading around to see how I account for that loss in my books, it would seem that:
1. Despite that CapEx being expensed in full, I should have listed it as a Fixed Asset on my Balance Sheet and I should have been writing down its value on interval
2. First Year CapExs still need to go on a Fixed Asset Register even though they were expensed
3. The loss is 'reported' by removing the 1st year CapEx asset as a fixed asset from the Balance Sheet
4. The loss is also 'reported' by setting an end date on (or otherwise removing) the 1st year CapEx asset from the Fixed Asset Register
Can anyone in the know confirm or correct my understanding?
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