are loose tools come under current assets ?




Answers were Sorted based on User's Feedback



are loose tools come under current assets ?..

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 ?    68 Yes 27 No

are loose tools come under current assets ?..

Answer / shinki

yes, loose tools are always come under current asset

Is This Answer Correct ?    93 Yes 57 No

are loose tools come under current assets ?..

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 ?    28 Yes 4 No




are loose tools come under current assets ?..

Answer / smrutipriya meher

Loose tools come under current assets.

Is This Answer Correct ?    33 Yes 20 No

are loose tools come under current assets ?..

Answer / srikanth reddy

No. loose tools are treated as fixed assets

Is This Answer Correct ?    54 Yes 51 No

are loose tools come under current assets ?..

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

are loose tools come under current assets ?..

Answer / ammu

loose does not comes under current assets.

Is This Answer Correct ?    30 Yes 29 No

are loose tools come under current assets ?..

Answer / payal malhotra

Loose tools should be taken as under current assets as it comes under inventory

Is This Answer Correct ?    3 Yes 3 No

are loose tools come under current assets ?..

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 ?    0 Yes 1 No

are loose tools come under current assets ?..

Answer / shailender

loose tools is current assets

Is This Answer Correct ?    12 Yes 15 No

Post New Answer



More Accounting General Interview Questions

I have passed in SBI clerical exam 2009 , pls tell me what question will be asked for interview .pls mail it on my email id sawant.supriya51@gmail.com

0 Answers  


In Individual Accounting Capital comes under which head?

4 Answers   Infosys,


What is diffrence between direct & Indirect Exp.

3 Answers  


if co. (proprietorship). purchase mobile phone for employees than mobile phones under off. equipment .we have rec. purchase bill gst applicable how shows entry

0 Answers  


Concepts Of Debit,Credit,Double Entry Accounting and Matching

1 Answers  






What is the prior period item ? and please give some examples with entries and that account head come under which ledger(creation of ledger)

3 Answers  


what is indian currary (but not rupee) like bound etc...

1 Answers   Capital IQ,


My question is.. I Received the amount from party through the bank. example. 1. Actual received from party $1000 @ 32.70 = 32,700 baht(service charge included ) 2. Bank Charge 500 baht 3. Given the credit to pary $ 1000 @ 32.50 = 32,500 baht 4. and bank charge 500 debit on party account also. .... For the First three transacion on account bank account dr 32200 bank charge dr 500 party cr 32,500 ex. fluxation cr 200 how can treate the 4th transaction. thanks in advance

0 Answers  


What is the Difference between A/C Payee Chq. and Bearer Chq. ?

8 Answers  


how did prepare the trail balance & profit & loss A/c and balance sheet

1 Answers  


Sir i want to ask that if the salary above 6500/- than also pf deduct.

0 Answers  


what is share

1 Answers  






Categories