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||56 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 ?||27 Yes||4 No|
Answer / smrutipriya meher
Loose tools come under current assets.
|Is This Answer Correct ?||32 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|
Which of the following errors are not revealed by the Trial Balance: (a) compensating errors; (b) errors of commission; (c) wrong balancing of an account; (d) wrong totalling of an account
what is profitability ratio and dividend policy ratio
what is ratio analysis
1. The following data is available. Determine the Break Even point in Sales: Sales : $1,800,000/- Fixed Expenses : $ 375,000/- Variable Expenses : $ 1,200,000/-
What is the treatment of preliminary? is this current assets?
how do you calculate depreciation on land?
what is meant by bank OD A/c?
In Balance Sheet Why we entered Liabilites & Incomes under Liabilites side , Assets & Expenditures under Assets side.In general think incomes are asssets,expenditures are liabilites.
Can u please give me a proper example of how genral entries of depreciation are recorded like if depreciation expense is ONE HUNDRED and acc.dep is two hundred how we will record that?
WHAT IS THE ROLE OF BANK CERTIFICATE OF EXPORT AND REALISATION IN EXPORT HOUSE? PLEASE TELL ME WITH DETAIL AND ITS PROCISSOR?
journelising the following? dpereciation of plant & machinery rs 30000/- interest accrued but not received Rs 15000/- prepaid insurance Rs 10000/- drawings of cash Rs 5000/- withdrew goods for personnel use Rs 2000/- what is cost centre? How do you verify the correctness of material control system? How many directors are required at a minium for Private ltd and public ltd companies? How do you compute the following ratios? current ratio net profit ratio gross profit ratio debt service coverage ratio sales turnover ratio
. Expenses a/c. Dr. To vendor a/c. Cr. What is an impact of this transaction on business