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How to resolve Fixed Assets in Negative cost?

edited Jun 27, 2023 2:04AM in Ask A Guru 7 comments

We are just going through fixed assets for our year end accounts prior to audit and spotted that a full write down in value of one of our assets (and a few other like it) in one of our subsidiaries has resulted in a negative NBV of the cost of the asset.

Is there any way that we can fix this? We tried revaluing one of the assets back up which reinstated the value to the correct amount and then disposing of it, but this has also left a negative NBV.

Please advise

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