Question

what is the difference between balance sheet of a firm and balance sheet of a company ?

Answer 1

Hi students!
The company is one of the forms of business where ownership and management is in different hands The ownership of a company is distributed in the hands of stakeholders holding a stake in the company whereas the ownership of a firm is in the hands of a single owner. The difference of both is reflected under the head ‘Capital’ of the balance sheet of the business. 

Answer 2

Explanation:

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