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Tools & spare parts are fixed assets or expenses?

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(Querist)
29 September 2016 Please let me know Tools & Spare parts are fixed assets or Indirect expenses? Please help me.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 September 2016 In case of costly tools and costly spares having more than 1 year life capitalize as fixed assets and depreciate over their useful life. Less costly tools and spares charge it as indirect expenses.
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