14 February 2010
As said by Mr. Daga, loose tools are parts of the machinery or u can say that machinery spare parts.
Spare parts are cover in both AS-2 and AS-10, fixed assets.
If the spares parts are of regular use like moulds or dies which cannt be used once taken out or it need to be changed on frequent basis would cover in AS-2 and would be classified as inventory.
CAclubindia
