Assets in the balance sheet are shown on the right side of the balance sheet and are classified into two parts fixed assets and Current assets.
Fixed assets are kind of permanent investments and are not for resale like tangible assets; land, buildings, plant and machinery, furniture and fixtures etc, and intangible assets like goodwill, patent, copyright.
Also some expenses that have not been written of fully also considered as fixed assets like expenses for issue of stocks and debentures etc.
Current assets are temporarily kept for resale and easily converted into cash like inventory, finished goods, bank balance debtors, cash in hand etc. In current assets except closing stock all the assets are called ‘quick assets’ and is also called ‘floating or circulating assets’.