Regarding small tools and equipments

This query is : Resolved

Sunil M C (Querist)
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30 January 2018 Dear Sir,
I want to know if Tools and Equipment purchased by company , We can use this for more then 1 year and upto 2 year ,so this equipment comes under current asset or fixed asset.

Regards,
Sunil

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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31 January 2018 If the value of tools and spares less than Rs.5000/- and useful life of asset is short you can consider same under Tools and spares under Current Assets under Spares

RAJA P M

RAJA P M (Expert)
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31 January 2018 Check the availability and Uses for the tools if it's using lesser days then you can consider "Current Asset"... In case you can't consider current asset then book it under Expenditure account...

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