Equipment 'at cost' for a balance sheet?

Question

In accounting, what does 'equipment at cost' mean, and does it go in the left column?

Thanks.

Answer 1

It would normally be regarded as an asset for Balance Sheet purposes, and be valued at the price charged by the supplier, including transport and fitting costs. It is a debit in the books of a/c (left hand side as you put it). If it is not considered appropriate to capitalise it as an asset in the Balance Sheet, then it would show in the Profit and loss a/c as an expense. It would still show on the left hand side initially, however, in the books of account.

Hope you understand. If not, come back and explain why.  

Answer 2

It means the equipment is to be shown at its cost instead of at net book value. Equipment is a fixed asset and is shown in the balance sheet under Non-current assets. In the trial balance and general ledger, it would be on the left hand side.