Hello Good Morning students How are you All

Hello, Good Morning students. How are you All ?

(All in single tone). Good morning sir. We are Fine

Have you all gone through your homework?

(All in single tone). Yeah sir. We have done it.

So, today we will start our next chapter i. e. , Basic terminology of accounting and we will talk about assets.

Okkkk sir. Okkkkk sir.

So students, have you ever heard the term Assets ?

No sir.

Before starting the lesson, I will tell you a story. Are you all interested?

(All in single tone). Story, yeah sure sir.

There was a farmer who has one piece of land, a bike, a tractor, tubewell and some machineries like harvester and thresher.

He grows the crop by using all his equipments and doing hard work on his field.

Finally, he got the crop from the field. After cutting and threshing the crops.

He sold the crops into the market and made profit out of it.

So, as per this story farmer used some equipments for farming activities. These all are the assets of the farmer.

As we can see in the definition of assets, “An asset is an item or property which is owned by an individual or business with the expectation that it will provide future benefit.

For Ex, . A building, car, machineries, furnitures, computer, etc.

So, sir it means, if we have a car then is it our asset?

Obviously Kaousiki. That car is your asset.

Because, that car will provide you the future benefits in terms of comfortable transportation

So, for today we will wind up here. Tomorrow, we will discuss about ‘Liabilities’.

You have to do one thing, you have to explore any five assets of your house or of your family business. Bring it in the next class.

Okkkk sir. Okkkkk sir.