Following types of assets are recorded in the assets side of balance sheet
1.Fixed Assets
Those assets which are acquired and held permanently for a long time in the business are fixed assets. These types of assets are recorded under the assets side in the balance sheet.
2.Current Assets
Those assets which can not be put to constant uses and intended for resale or which in the ordinary course of business will be converted into other assets are current assets.
3.Intangible Assets
Intangible assets are those assets which can not be touched,seen and have no volume but have value. They are included in the assets side while preparing balance sheet.
4.Wasting Assets
Wasting assets are also included in the assets side of balance sheet. Those assets which are depicted gradually or exhausted in the process of earning income are known as wasting assets.
1.Fixed Assets
Those assets which are acquired and held permanently for a long time in the business are fixed assets. These types of assets are recorded under the assets side in the balance sheet.
2.Current Assets
Those assets which can not be put to constant uses and intended for resale or which in the ordinary course of business will be converted into other assets are current assets.
3.Intangible Assets
Intangible assets are those assets which can not be touched,seen and have no volume but have value. They are included in the assets side while preparing balance sheet.
4.Wasting Assets
Wasting assets are also included in the assets side of balance sheet. Those assets which are depicted gradually or exhausted in the process of earning income are known as wasting assets.