What Are Tangible Assets - Definition - Meaning - Examples - Explanation
Tangible Assets are those Assets which we can see and touch. These can be either Current Assets or No n Current Assets / Fixed Assets on the Balance Sheet . Examples are Cash , Inventory / Stock , Land, Buildings, Machinery, Plant & Machinery, Furniture & Fixtures, Office Equipment, etc. The Normal Bala nce for Tangible Assets is Debit, However, when these are acquired or purchased for the use in the business, we Debit these one, but, when we sold out these, then we credit these one. Tangible Assets Journal Entry Suppose ABC Company acquires a Machinery, Costing Rs. 50000 for Cash, then following Entry is passed in the General Journal of the Business: Machinery a/c 50000 ...