Business Studies, asked by krani2890, 6 months ago

personal transaction of the owner are not recorded in the book of accounts, unless it involves inflow or outflow of business funds

Answers

Answered by HarshAditya098

Answer:

This concept is called business entity concept. It means that personal transactions of owners are treated separately from those of the business. Therefore any personal expenses incurred by owners of a business will not appear in the income statement of the entity.

Explanation:

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