TRANSACTION LEDGER INFO

GOODS:-
       The term goods means articles,commodities, things that are regularly sold and purchased in the business.The business and its profit or loss mainly depends upon the sale and purchase of goods, e.g.For fruit seller, different fruits are goods, whereas for milk seller milk is the goods.
       According to milkman, if milk sold & purchased it called as the goods sold and purchased. But if milkman purchase a bicycle for distribution of the milk; the bicycle will not be termed as 'goods' of the business.He deals regularly with milk and not the bicycles.
ASSETS:-
They are valuable & realizable (which can be sold & used to raise funds for business) properties of the business.Everything owned by the business and that can be converted in funds is an assets of the business. e.g.in the above case of milkman, the bicycle will be asset of his business.

NOTE:- {There is difference between 'Goods & Assets' though both of them are sold. Goods are sold regularly whereas assets are sold rarely.}