Question

will a business man's personal bank account serve the purpose of his business transactions? explain.​

Answer 1

Answer:

A business bank account plays a key role in growing your business, while protecting it and yourself at the same time. It allows you to keep track of business expenses, simplify tax reporting, and deposit payments under your company name

Answer 2

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Personal transactions of the proprietor are not recorded in the books of accounts because of business entity concept. Business entity is an accounting concept which suggests that business has separate identity from its owner.

The concept states that the enterprise should record transaction separately for those of the business and the owner. It is because of this concept capital is treated as liability and drawings as asset.

Answer 3

${\tt{\red{\underline{\underline{\huge{AnswEr}}}}}}$

Personal transactions of the proprietor are not recorded in the books of accounts because of business entity concept. Business entity is an accounting concept which suggests that business has separate identity from its owner.

The concept states that the enterprise should record transaction separately for those of the business and the owner. It is because of this concept capital is treated as liability and drawings as asset.

Answer 4

${\tt{\red{\underline{\underline{\huge{AnswEr}}}}}}$

Personal transactions of the proprietor are not recorded in the books of accounts because of business entity concept. Business entity is an accounting concept which suggests that business has separate identity from its owner.

The concept states that the enterprise should record transaction separately for those of the business and the owner. It is because of this concept capital is treated as liability and drawings as asset.

Answer 5

${\tt{\red{\underline{\underline{\huge{AnswEr}}}}}}$

Personal transactions of the proprietor are not recorded in the books of accounts because of business entity concept. Business entity is an accounting concept which suggests that business has separate identity from its owner.

The concept states that the enterprise should record transaction separately for those of the business and the owner. It is because of this concept capital is treated as liability and drawings as asset.