Answer / arun kumar

according to this concept business is treated as seprate
person or entity, based on this concept captial is treated
as liability to the business, based on this concept we pay
intrest on captial

Answer / vm

business entity concept explains that business is purely a
different entity...It has separate legal existence of its
own.

Answer / jagadish reddy

this concept says that"business entity is a
separate identity apart from its owner.
business transactions are recorded in
business accounts & his personal
transactions are recorded in his personal
book of accounts.

Answer / sravan

According to this Concept
Business is different from Person(Owner).
This Concept will create Separate Status to Business.

Answer / devi

According to this concept, it should be noted that only business transactions should be taken into the account. Personal transactions should not be clubbed into this. eg: Proprietor's Insurance Premium. This premium is a life of the proprietor's and it is completely personal so it comes under "Drawings" account.

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