Question

4. (a) “Business is a going concern with separate entity' - Illustrate the statement
(क) “Business is a going concern with separate entity"- इस कथन का वर्णन कीजिये।​

Answer 1

Answer:

Going concern is an accounting term for a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future. Certain expenses and assets may be deferred in financial reports if a company is assumed to be a going concern.

If a business is a separate legal entity, it means it has some of the same rights in law as a person. It is, for example, able to enter contracts, sue and be sued, and own property.Sole trader and partnership does not have separate legal entity.

A company is an incorporated association having separate legal existence and a common seal...

Explanation:

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