Assets & liabilities

Fixed Assets :
Assets which are purchased for long term and not meant to be
sold but used for production.
Land & Building,Plant & Machinery
Vehicles,Furniture & Fixture
Office equipment,Capital Work in Progress These are
represented as under:
Original value (Gross Bock) Less depreciation
Net Block or book value or written down
Value Method
Long term liabilities:
Liabilities which are not due for payment within 12
months from the date of the Balance Sheet)
Term loans from financial institutions;
Term loan from banks; Debentures/Bonds;
Deferred payment liability;Preference Shares
redeemable within 12 years;
Fixed Deposits maturing after one year;
Provision for gratuity; Unsecured Loans
Non Current Assets:
Assets which cannot be classified as current or
fixed or intangible assets Book Debts or Sundry Debtors more
than 6 months old/ Disputed Debts, Investment of long term
nature in shares,
govt. securities, associates or sister firms or
companies. Long term security deposits. Unquoted
investments; Investments in subsidiaries or sister concerns;
Loans & Advances to directors, officers; Accounts receivables in
respect of sale of plant &
machinery; Advances to concerns in which directors are
interested; Deposits with customs port trust etc
Intangible & fictitious Assets Which do not have physical
existence. For example: Goodwill, Patents, Trade Mark, Copy
Right, Preliminary or pre operative expenses,

Fixed Assets :
Assets which are purchased for long term and not meant to be
sold but used for production.
Land & Building,Plant & Machinery
Vehicles,Furniture & Fixture
Office equipment,Capital Work in Progress These are
represented as under:
Original value (Gross Bock) Less depreciation
Net Block or book value or written down
Value Method
Long term liabilities:
Liabilities which are not due for payment within 12
months from the date of the Balance Sheet)
Term loans from financial institutions;
Term loan from banks; Debentures/Bonds;
Deferred payment liability;Preference Shares
redeemable within 12 years;
Fixed Deposits maturing after one year;
Provision for gratuity; Unsecured Loans
Non Current Assets:
Assets which cannot be classified as current or
fixed or intangible assets Book Debts or Sundry Debtors more
than 6 months old/ Disputed Debts, Investment of long term
nature in shares,
govt. securities, associates or sister firms or
companies. Long term security deposits. Unquoted
investments; Investments in subsidiaries or sister concerns;
Loans & Advances to directors, officers; Accounts receivables in
respect of sale of plant &
machinery; Advances to concerns in which directors are
interested; Deposits with customs port trust etc
Intangible & fictitious Assets Which do not have physical
existence. For example: Goodwill, Patents, Trade Mark, Copy
Right, Preliminary or pre operative expenses,

Short term or CurrentyLiabilities :
Liabilities which are due for payment within 12 months
from the date of the balance sheet and are to be repaid
out of proceeds of current assets,Short term borrowings
from banks (C/C, 0/D or B/P, B/D limits) for working
capital.,Sundry/trade creditors/creditors/ Account
payable,Bills Payable / trade acceptances
Fixed Deposits from public payable within one
year,Short duration loans or deposits
Provision for taxation, Proposed Dividends, Provision for
bonus, unclaimed dividend.
Deposits from dealers, selling agents etc.
Advance payments from customers,
outstanding expenses and Accruals e.g. wages &
salaries, rent; expenses payable
Current Assets :
Cash in hand, Bank balance
including fixed ,deposits with banks. Stocks/inventory (such as
raw material, stock in process, finished goods, consumable
stores and spares),Book debts/Sundry debtors/Bills Receivable/
Accounts receivable/ debtors, Government and other trustee
securities
(other than for long term purposes e.g. sinking funds, gratuity
funds etc.),Readily Marketable/quoted govt. or other securities
meant for sale,Interest accrued and
receivables,Advance payment of taxes,
pre-paid expenses,Advance payments for merchandise;
unexpired insurance