Accountancy, asked by ytsanjeev40, 4 months ago

In final account where loose tools is treated

Answers

Answered by ZidaanNawab

Answer:

LOOSE TOOLS SHOULD BE CLASSIFIED AS A CURRENT ASSET AS IT IS NOT TO STAY PERMANENTLY IN BUSINESS AND SHOWN IN THE BALANCE SHEET. Answer: Loose tools are treated as Current assets that's why shown on Asset side of balance sheet.

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In final account where loose tools is treated​

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In final account where loose tools is treated