Hi everyone,
Sorry, I know nothing about accounting! I am in the process of turning my hobby into a business and I am trying to fill in the starting assets account in my book keeping software.
I want to know how to deal with accounting for equipment I already own. This equipment was bought in some cases years ago and I don't have receipts as it was for personal use at the time. Most of the equipment is low value but together it adds up.
Do I record them:
Using their current value if I was to sell them.
Or
Use an approximation of how much they cost me and apply depreciation (which would mean they would probably have no value)
Or
Use a value of how much it would cost to replace?
Thank you in advance.
Sorry, I know nothing about accounting! I am in the process of turning my hobby into a business and I am trying to fill in the starting assets account in my book keeping software.
I want to know how to deal with accounting for equipment I already own. This equipment was bought in some cases years ago and I don't have receipts as it was for personal use at the time. Most of the equipment is low value but together it adds up.
Do I record them:
Using their current value if I was to sell them.
Or
Use an approximation of how much they cost me and apply depreciation (which would mean they would probably have no value)
Or
Use a value of how much it would cost to replace?
Thank you in advance.
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