Teaching students to complete an Asset register

Students are aware of the different types of assets: Equipment, vehicles, land and buildings, but does students know how to sell these assets? Do they know how to fill in each and every detail on a asset register?

Let's teach them how! This is the most perfect opportunity to combine real life with accounting. Helping them deal with accounting in the world outside the classroom.

Here is an example:

 So, what to fill in where? and when?

Column/row name	What to fill in?
General ledger account	If it’s a vehicle that you purchased you fill in vehicle, or equipment you fill in equipment, or land and buildings you fill in land and buildings, so that you know to which general ledger account you’ve posted this vehicle to.
Name/registration number	Fill in the vehicle, equipment or land and buildings name or registration number
Date purchased	The date that you purchased the vehicle, equipment or land and buildings
Bought from	The person, dealer, business, real estate agent, shop, etc. you bought the vehicle, equipment or land and buildings from
Cost price	The price that the vehicle, equipment or land and buildings cost when you bought it
Method and percentage of depreciation	Fill in the method you are using and the percentage you are using for depreciation. N/A for land and buildings
Information regarding asset disposal
Date disposed	Fill in the day, month and year when you sold the asset
To Whom	Here you fill in who bought the asset from you
Disposal price	This is a price you will have to calculate as follow: Cost price – depreciation up to date = Disposal price
Profit/loss with disposal	Here you wil have to make a calculation. The calculation is as follow: Amount received from buyer – disposal price = profit/loss If it is a negative amount it is a loss If it is a positive amount it is a profit
Information regarding depreciation
Date	The date on which you calculated the depreciation
Current depreciation	The Depreciation you calculated for that specific year of trading
Accumulated depreciation	This is also a calculation. It is the depreciation of the years before (if there is any) plus the current depreciation of the year

I really hope that this explanation will help you as much as it helped me and my students. 

Every student has the right to learn and even if there is students out there that doesn't have accounting but has the strange urge to learn something new and broaden their knowledge, you can contact me at any time. 

Happy calculating :)