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Loose Tools

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(Querist)
13 February 2010 What is Loose Tools. What is the criteria for classification a Assets as Loose Tools .
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CA. Amit Daga

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CA. Amit Daga (Expert)
14 February 2010 Those tools which is using as a part of machinary but individually cant do any thing
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DEEPIKA GOEL

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DEEPIKA GOEL (Expert)
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.

Otherwise would be classified as Fixed assets.
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
20 February 2010 agree
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