Answer Posted / priya
It is treated seperate from its owner.On the basis of this
concept the proprietor is treated as a creditor for the
businnes,and it appears on the liability side of balance
sheet.Thus this concept thus requires to make a distinction
between (1)personal transactions and (2)business
transactions.
This is the basic and fundamental concept
| Is This Answer Correct ? | 15 Yes | 5 No |
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