Low-value consumables is a primary or secondary account as follows:
Low-value consumables is a primary account.
Low-value consumables refer to all kinds of appliances and articles whose individual value is below the specified limit or whose service life is relatively short (generally less than one year) and which are not managed as fixed assets.
Including tools, management tools, glassware, and packaging containers used in the process of business turnover. Such as farmers often say repair "three big" (plow, hoe, rake), veterinarians, veterinary medical equipment, primary and secondary schools, sports equipment and teaching aids (except glassware), etc., all belong to low-value consumables.
In the new Accounting Standards for Business Enterprises (ASBE), "packaging" and "low-value consumables" have been merged into a new accounting item "working capital materials".
Both "low value consumables" and "packaging" are a sub-account of the current assets account. In order to reflect and monitor the increase or decrease of low-value consumables and packaging changes and their balances, enterprises should set up "working capital materials - low-value consumables" account. Debit registers the increase of low-value consumables and packaging materials, credit registers the decrease of low-value consumables and packaging materials, the closing debit balance reflects the cost of low-value consumables and packaging materials in stock.
The above information is for reference only, if necessary, it is recommended to consult the relevant staff.