Answer Posted / 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 |
Post New Answer View All Answers
What is the tds effect in balance sheet if tds receipts?
what is the primary of for-profit organisation
Why we debit expenses and credit incomes ?
what is turn over? what is vat? what should ido to become a expert in acount? plese ans me
journal entry for goodwill and capital bought by a new partner?
when we can submit Form-C to the Sales Tax Dept. What is the period to issue Form-C to the supplier
Why do users of accounting information need accounting information?
"Trial Balance is not a comclusive proof of the accuracy of the books of accounts." Explain this statement and describe the errors which are not disclosed inspite of the agreement of trial balance.
i had taken one year gap in completing my graduation bcom should it be considered as backlogs i dont have any kt or anything else i have passed all exam in one trial
What action could be taken by you and your manager to improve your performance in your current position?
6. Your grandfather is 75 years old. He has total savings of Rs.80,000. He expects that he live for another 10 years and will like to spend his savings by then. He places his savings into a bank account earning 10 per cent annually. He will draw equal amount each year- the first withdrawal occurring one year from now in such a way that his account balance becomes zero at the end of 10 years. How much will be his annual withdrawal?
whether allowances will be included in calculating esi from gross salary
how intangible assets are entered in B/s. plz send me the answer of this question in my e-mailid-prabhatsingh873@gmail.com
Tell me in accounting, how do you define premises?
Dear sir/madam, Want to know entry for closing of sundry creditors account on the end of the year when its accounts shows debit balance, Payment made excess. E.g Invoice rcvd : 100000.00 from XYZ company payment Made: 105000.00 Please suggest best entry for the same