Friday, 20 July 2012

Business Entity Concept

Business Entity Concept

This concept implies that a business unit is separate and distinct from the person who supply capital to it. Irrespective of the form of organisation, a business unit has got its own individuality as distinguished from the persons who own or control it.
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Contra entry example

Contra Entry :- If a transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry...