What is Business Entity.

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14 Points Posted on 01 January 2021
please clarify what is included in " business entity" ??
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On 01 January 2021 at 15:59 Report
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Quick Summary
A business entity is a distinct legal and financial unit separate from its owner. This separation is crucial for accounting, ensuring that business transactions are recorded independently from personal ones. For example, a car purchased by the company is a business expense, whereas a car bought for personal use and funded by withdrawing cash is considered owner's drawings.

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My grammar is 💯 good I
7306 Points Posted on 01 January 2021

Business is separate

Owner is separate 

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On 01 January 2021 at 16:17
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STUDENT
1631 Points Posted on 01 January 2021
Difference between the entity & the owner ...
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On 01 January 2021 at 16:23
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14 Points Posted on 01 January 2021
Reg. b entity and reg. person me kya farak h ?
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On 01 January 2021 at 16:55
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My grammar is 💯 good I
7306 Points Posted on 01 January 2021

Hitesh transaction’s will be separate right. For examole

 company purchased car entry

Car a/c

To Bank a/c

owner purchased car for personal use and Withdrew cash

Drawings a/c

To Cash a/c

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On 01 January 2021 at 17:50
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378 Points Posted on 02 January 2021
"Person" carrying "business"
now do check definition of person and business you will understand what is business entit
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On 02 January 2021 at 00:01
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Accountant
4533 Points Posted on 02 January 2021
Kindly consider the definition of business on Google
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On 02 January 2021 at 23:58

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