Interested to Buy Any Domain ? << Click Here >> for more details...
are loose tools come under current assets ?
- 12 Answers
- 67689 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / h.r. sreepada bhagi
Tools of substantial value & used for more than a year can
be capitalised under "Tools, Jigs & Fixtures". This is
treated as Fixed Asset & depreciation needs to be charged to
P&L A/c. If the cost of tool is very small & long life is
not ensured, it should be charged off to P&L A/.c as
consumable stores or loose tools.
In any case tools do not come under "Current Assets" except
when they are held for sale (It will be shown as Stock in
Trade under Current Assets).
| Is This Answer Correct ? | 75 Yes | 28 No |
Answer / shinki
yes, loose tools are always come under current asset
| Is This Answer Correct ? | 100 Yes | 58 No |
Answer / mr. accounting expert
Loose Tools comes under the Assets side of the Balance Sheet. If there has to be Depreciation marked for Loose Tools, it has to be entered under Debit side of Profit/Loss a/c. It is a fixed asset, and depreciation is charged on it every year. Therefore, it is NOT a current asset. It is a FIXED ASSET.
| Is This Answer Correct ? | 29 Yes | 6 No |
Answer / smrutipriya meher
Loose tools come under current assets.
| Is This Answer Correct ? | 34 Yes | 20 No |
No. loose tools are treated as fixed assets
| Is This Answer Correct ? | 54 Yes | 52 No |
Answer / naveen raj
Loose tool is not a current asset bcoz they r used for more than one year and depriciation is charged on them
| Is This Answer Correct ? | 10 Yes | 8 No |
Answer / himanshu
loose tools comes under fixed assets being generally tools used in production department such as screw driver ,tester etc life is more than 12 months or even number of years hence they are not current asset.therefore loose tools not comes under inventory and comes under fixed assets.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / payal malhotra
Loose tools should be taken as under current assets as it comes under inventory
| Is This Answer Correct ? | 3 Yes | 4 No |
what is ledger
Capital reserve is - a) real account b) nominal account c) personal account d) none of them
Whether Goods receipt is an Asset or liability?
How create the invoices?
0 Answers Infomatics Software Solutions,
How can i learn shortly Tally from computer coz, i want to take a company Balance Sheet
A and B are partners sharing profits and losses in the ratio of 3:2 having the capital of Rs. 80,000 and Rs. 50,000 respectively. They are entitled to 9% p.a. interest on capital before distributing the profits. During the year firm earned Rs. 7,800 after allowing interest on capital. Profits apportioned among A and B is (a) 4,680 and 3,120. (b) 4,800 and 3,000. (c) 5,000 and 2,800. (d) None of the above.
i want make credit card ledger. which group under its come?
Whether Depreciation to be posted in debit side or credit side?
"A" has two divisions of "B" and "c".In our system we have two vendor accounts of B&C.We have received one Non PO invoice of B and posted wrongly in C and its got paid.While reconciling the account we got this error is happend.We contacted the C and asked for refund.But C said,he transfer internally the amount directly to B and he will not refund the amount.How we will settle this entry in our books. If we reverse the entry...there is one invoice needs to be reverse and payment doc needs to be reverse..how we can settle this in our books...
what is bpo what is kpo
purchase from interstate as applicable f form given to supplier & selling in local state as applicable local vat guide me as per law
Depreciation comes under direct or indirect expense
Audit 
