Interested to Buy Any Domain ? << Click Here >> for more details...
are loose tools come under current assets ?
- 12 Answers
- 67458 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 fund flow statement??
what is depreciation ? and its entries ?
8 Answers Genpact, HC, HCL, HP, TCS,
Financial Management What will your outlook towards maintenance of liquid assets to ensure that the firm has adequate cash in hands to meet its obligation at all times?
iam working in small industry there some bills are not having even the shop name and contact.no. whether i should consider that expenses or not if yes, whether that bill attach with the voucher?
Baddebts can charged to opening balance having credit balance?
When Tds is applicable to deduct and wht is rate for different work panel?
what do you mean by profit and loss appropriation account ? what is the use of preparing it?
HOW DO PREPARE CASH FLOW
What is Cash Flow Statement?
Explain the Steps to Define Expenses Report
how to pass the entry of advance paid to employee against salary
if u sale an asset for 10000, which has a book value of 8500. what will be the journal entry???
Audit 
