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Meaning of business entity concept

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Meaning of business entity concept

Posted by Pritesh Sethia 7 years, 7 months ago

CBSE > Class 11 > Accountancy

2 answers

Dhanashri Kadam 7 years, 7 months ago

business is separate from its ownership it has its own identity apart from the ownership the accounts are recorded with the point of view of business and not that of the business owner

Shashi Ramachandran 7 years, 7 months ago

business and proprietor are two different entity. if proprietor invest in his own business that should be treated as a liability in the books of accounts. same way if proprietor withdraws money from business for his personal use that also to be recorded (asset) and also interest is to be charged. This entity differentiate personal transaction with business transaction to give a fair picture of profit and loss of business

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