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Define entity

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Define entity

Posted by Aditi Rath 4 years, 1 month ago

CBSE > Class 11 > Business Studies

1 answers

Yogita Ingle 4 years, 1 month ago

The concept of business entity assumes that business has a distinct and separate entity from its owners. It means that for the purposes of accounting, the business and its owners are to be treated as two separate entities.

Keeping this in view, when a person brings in some money as capital into his business, in accounting records, it is treated as liability of the business to the owner.

Here, one separate entity (owner) is assumed to be giving money to another distinct entity (business unit).

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