Interested to Buy Any Domain ? << Click Here >> for more details...
are loose tools come under current assets ?
- 12 Answers
- 68045 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 |
we have registered to MCCIA(Maratta Chember of Commerce Ind & Agri.).They given a Tax Invoice against this registration with charging service tax@10.3%.can we take credit of this service charge ?
how we maintain account for a coaching institute?
AFTER MY QUALIFICATION WHAT IS THE UNIQUE THING ABOUT ME THAT COMPANIES EXPECT?
Can we pay bonus to employees out of Reserves?
VAT PER SURCHARG KAB SE KIS DATE SE LAG RAHA HAI
What are recent changes in Service Tax Reverse Charge by Budget 2012?
What is Double Entry System ?
reverse entry for provision for salary where it is made and how it is
Re: CST RATE IS 1 % IF C FORM IS RECEIVABLE. IF C FORM IS NOT RECEIVED FULL AMOUNT WHAT WILL BE THE RATE OF CST
what is the meaning of banking
adams a debtor for R600 had been declared insolvent and part of his debts has to be written off. The attorneys informed you that an amount of 25c in the rand will be paid and the rest must be written off
What is accrual accounting?
Audit 
