Question

business entity concept​

Answer 1

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answer:

Answer 2

ANSWER

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According to this concept a business firm is treated as a unit separate and distinct from its owners are completely separated set of books is kept for the firm and business transactions are recorded from the firm's point of view the capital provided by the owner is treated as a liability of the firm interest on capital is treated as an expense of business similarly the money and goods withdrawn by the proprietor from the firm for his personal use is treated as drawings the concept of separate entity is necessary for a certain in the through net profits and financial position of a business firm.

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