How to do the book entry when the value of an asset is higher than what you paid for.
You can’t do that. This is against accounting standards.
If you mean you want to reevaluate a fixed asset, then you can use a journal entry to debit the asset value and to credit a Revaluation Reserve account
But you need to check with your accountant as to whether this is allowed in your coyntry and how it should be reported
@Ealfardan so to clarify, If we bought bar counters at an auction for 15K, but the market value for the counters is 50K. Then my asset value entry will only be 15k?
Yes, the asset value is 15k
It would seem most unlikely that the market value is 50k - after all, you purchased them for 15k
100% - Thank you.
If for whatever reason the true asset value is higher than the purchase value then you need to follow @Joe91 advise to
Detailed explanation can be found at IAS 16 — Property, Plant and Equipment