Types of assets

ASSETS::

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

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, other formation expenses, debit balance of
P & L account, accumulated losses, bad debts,
Capital issue expenses e.g. discount on issue of
share & debentures, commission on underwriting of
shares & debentures; Deferred revenue expenditure
e.g. Advertisement

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