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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2012
ahat are loose tools.and what is the diff between loose tools and spare parts
CA. Rajesh P. Ahir
(Expert)
24 February 2012
Dear,
Loos Tools are general tools which can be used for various types of machineries,Where as Spare Parts are more specific to THE machine.
Loos Tools are general tools which can be used for various types of machineries,Where as Spare Parts are more specific to THE machine.
Message likes :
1 times
28 February 2012
Loose tools are the tools which can be used independently such as ranches, jigs, jacks etc. on loose tools depreciation can be claimed whereas the spare parts are stock in current assets and on use it is to be claimed as revenue expenditure. spares parts can be oa any thing such as machinery, motor car or even loose tools.
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