Current assets are the assets which are likely to be converted into cash or cash equivalents within 12 months from the date of Balance Sheet or within the ** of operating cycle.
Current Assets include the following assets:
(i) Current Investment
(ii) Inventories (Excluding Loose Tools, Stores and Spares)
(iii) Trade Receivables (Bills Receivables and Sundry Debtors less provision for doubtful debts)
(iv) Cash and Cash Equivalents (Cash in hand, Cash at Bank, Cheques / Drafts in hand etc.)
(v) Short Term Loans in Advance
