Question

the proprietor is treated as a creditor to the extent of his capital according to​

Answer 1

Answer:

The proprietor is treated as a creditor to the extent of his capital. Capital is thus a liability to the firm and the proprietor is the creditor of the business. The proprietors—sole trader, partners of a partnership firm etc. may draw amount out of the business and this reduces the liability of the firm

Explanation:

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Answer 2

Answer:

GAAP stands for General Accepted Accounting Principles. The proprietor of the business is treated as a creditor to the extent of his capital under which concept

Explanation:

According to Business Entity Concept, a business is treated as a separate entity and is distinct from it's owners. When a proprietor introduces capital in his own business, the capital is considered as liability from business point of view.

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