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 ?||68 Yes||27 No|
Answer / shinki
yes, loose tools are always come under current asset
|Is This Answer Correct ?||93 Yes||57 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 ?||28 Yes||4 No|
Answer / smrutipriya meher
Loose tools come under current assets.
|Is This Answer Correct ?||33 Yes||20 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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