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What is buisness entity concept

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What is buisness entity concept

Posted by Anubhav Joji Madunia 4 years, 3 months ago

CBSE > Class 11 > Business Studies

2 answers

Anubhav Joji Madunia 4 years, 2 months ago

Vijay consultant on rupees 400008 of which he received 350000. Hi include expense of rupees 170000 out of which 40000 are outstanding find out the income on cash basis and accrual basis

0Thank You

Yogita Ingle 4 years, 3 months ago

Business Entity Concept: The concept of business entity says that a business is a separate entity from its owners. Therefore, for the objective of accounting, the firm and its owners are considered as 2 distinct persons. Hence, when an owner brings in capital into the firm, it is considered as a liability of the business.

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