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LSDefine
Simple English definitions for legal terms
assets in hand
Read a random definition: arrangements committee
A quick definition of assets in hand:
Assets in hand refer to items that a person or company owns and has value. These can include cash, inventory, equipment, real estate, accounts receivable, and goodwill. It can also refer to all the property of a person that is available for paying debts or for distribution. For example, when someone passes away, their assets in hand would be used to pay off any debts they owed.
A more thorough explanation:
Definition: Assets in hand refer to items that are owned and have value. It can also refer to the entries on a balance sheet showing the items of property owned, including cash, inventory, equipment, real estate, accounts receivable, and goodwill. Additionally, it can refer to all the property of a person (especially a bankrupt or deceased person) available for paying debts or for distribution.
Examples:
- A company's inventory is an asset in hand because it is owned and has value.
- Cash on hand is also an asset in hand because it is owned and has value.
- Accounts receivable, which are amounts owed to a company by its customers, are also considered assets in hand because they have value and can be collected in the future.
These examples illustrate assets in hand because they are all items that are owned and have value, which is the main characteristic of an asset in hand.