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Answer Posted / deepak kumar sharma
Any item of economic value owned by an individual or
corporation, especially that which could be converted to
cash. Examples are cash, securities, accounts receivable,
inventory, office equipment, real estate, a car, and other
property.
A balance sheet item representing what a firm owns.
On a balance sheet, assets are equal to the sum of
liabilities, common stock, preferred stock, and retained
earnings. From an accounting perspective, assets are
divided into the following categories: current assets (cash
and other liquid items), long-term assets (real estate,
plant, equipment), prepaid and deferred assets
(expenditures for future costs such as insurance, rent,
interest), and intangible assets (trademarks, patents,
copyrights, goodwill).
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The following are the list of Balances of SUNSHINE Company as at 1.2.2012 RM Land and building 450,000. Furniture and Fittings 35,000. Office Equipment 25,000. Motor Vehicles 75,000. Inventory 5,000. Trade Receivables 12,000. Trade Payables 8,000. Bank Loan 200,000. Bank 13,000. Cash in Hand 1,000. Capital 408,000.
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