are loose tools come under current assets ?

Answers were Sorted based on User's Feedback

Answer / shinki

yes, loose tools are always come under current asset

Is This Answer Correct ?    92 Yes 53 No

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 ?    65 Yes 26 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 ?    26 Yes 3 No

Answer / smrutipriya meher

Loose tools come under current assets.

Is This Answer Correct ?    32 Yes 20 No

Answer / srikanth reddy

No. loose tools are treated as fixed assets

Is This Answer Correct ?    54 Yes 51 No

Answer / ammu

loose does not comes under current assets.

Is This Answer Correct ?    30 Yes 28 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 / payal malhotra

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

Is This Answer Correct ?    3 Yes 3 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 ?    0 Yes 1 No

Answer / shailender

loose tools is current assets

Is This Answer Correct ?    12 Yes 15 No

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