Question

on which accounts the book value of asset and liabilities are written​

Answer 1

Answer:

In accounting, book value is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or impairment costs made against the asset.

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Answer 2

Liabilities and Assets

Explanation:

• Fixed assets are shown within the fixed asset register, and under non-current assets within the record.
• They're valued at Net value. E.g. the price of the asset (debit entry) less the accumulated depreciation (credit entry).
• This can be a good representation of the present asset status, and reduced in line with periodic depreciation charges, reflecting useful economic life.
• This follows the prudence principle of accounting, and doesn't mean the asset isn't worth more - but the difference would be covered in either the revaluation or disposal proceeds when sold.
• Things which will appreciate, like land, would come under this area of treatment.
• It completely relies on a company’s account policy. If a company is adopting a cost module the value is subtracted from depreciation and if the module is of fair value, the market price is accounted for. (subject to impairment test annually).