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Capital/profit is the liability of business.explain

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Capital/profit is the liability of business.explain

Posted by Soumaly Choudhury 6 years, 8 months ago

CBSE > Class 11 > Accountancy

1 answers

Ankit Arya 5 years, 11 months ago

As per business entity principle business and business man both are separate person and when we record the transaction, we treated ourself as business not business man so business is payable profit to businessman in every year and at the time of winding up of the business, capital is also payable to its owners so capital and profit is liability for the business because it is payable as per business point of view.

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