Basic

Assets are items that have value, which can be measured monetarily

Types of assets

1. Fixed assets

2. Current assets

There are two types of fixed assets.

Tangible assets

Tangible assets, or touchable assets, are real, physical objects such as equipment, raw materials, furniture, and land

Intangible assets

Intangible assets may represent something of economic value that is not cash or a physical item or place. Examples of Intangible assets include patents, copyrights, trademarks, franchises, leases, technical expertise, and good will ...

Current Assets

A current asset is cash or something that can be converted quickly into cash.

Current assets are things a business owns that are likely to be used up or converted into cash within one business cycle(1 april to 31 march)--usually defined as one year. The most common line items in this category are cash and cash equivalents, short-term investments, accounts receivable, inventories, and other various current assets. 

Liabilities

1 Short term loan, marketable securities.   

Current liabilities are the debts a company owes which must be paid within one year. They are the opposite of current assets. Current liabilities includes things such as short term loans, accounts payable, dividends and interest payable, bonds payable, consumer deposits, and reserves for Federal taxes..

2. Long term loan (Mortgages) debenture, loan

Long-term liabilities are liabilities with a future benefit over one year, such as notes payable that mature longer than one year

Rule of debit and credit

1)   Increase in assets come in  dr

2)   Decrease in liabilities comes in dr

3)   All expenses come in dr

Credit

1.   decrease in assets come in cr

2.   increase in liabilities come in cr

3.   all income come in cr.

Date	particulars	Dr	cr
1	Goods a/c dr       To cash a/c	5000	5000
2.	Telephone bill a/c         To bank a/c	5000	5000
3	Purchage a/c dr         To manisha /ac	36000	36000