Why profit is a liability and loss is an assets
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Answer Posted / sunil kumar pattuvakkaran
According to Separate entity concept Owner & the business
are not one& the same. The company is entirely different
from its owners.
When Business making profit ,its should be liable to give that profit to Partners.Hence its a liability in the view of Business Firm.When business making loss, its partners is liable to give that amount to business.I.E business wants to that much amount recovered from partners.So Loss is asset , in the view of business firm.
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