do v treat tools n dies as fixed assets?>>n claim dep thereon..........???
RAKESH
(Almost CA)
(2199 Points)
Replied 18 July 2009
it depends whether they are held in business for running the affairs of the company and they are bought with the intention of not to sale the same. if not then they are current assets.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 25 July 2009
Tools & dies are fixed assets and depreciation should be claimed theron.
pulkit gupta
(CA final student)
(160 Points)
Replied 01 August 2009
It depends on following factors:
1) Purpose- wether for sale or for utlising in b/s like for production, processing etc.
2) Life- if less than 1 yr then it should be charged to P&L A/c
3) If value is less than Rs. 5,000 then charged it to P&L A/c
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