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.
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
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...
CAclubindia
