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Showing posts from August 10, 2013

ACCOUNTS FOR TALLY PART 4

CLASSIFICATION OF ASSETS
ON THE BASIS OF CONVERTIBILITY TO CASH  FIXED ASSETS: THE ASSETS WHICH ARE PURCHASED OR ACQUIRED FOR LONG TERM USES. EX: BUILDING,PLANT,MACHINERY,FURNITURE ETC.CURRENT ASSETS; THE ASSETS WHICH ARE ALREADY IN THE FORM OF CASH OR WHICH CAN BE CONVERTED INTO CASH WITHIN A YEAR. EX: CASH,DEBTORS,BANK BALANCE,CLOSING STOCK ETC..
ON THE BASIS OF PHYSICAL EXISTENCETANGIBLE : EX: BUILDING,PLANT,MACHINERY,CASHINTANGIBLE: EX: GOODWILL,PATENT,COPYRIGHT