Proprietor (owner) is treated as creditor of business due to:

+3 votes

asked Feb 24, 2019 in Class 12 by kratos

a) Periodicity concept

b) Materiality Principle

c) Entity Concept

d) Consistency concept

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+5 votes

answered Dec 20, 2020 by kratos

Best answer

c) Entity Concept

P, Q and R were partners in a firm. Their Balance sheet as at 31st March, 2017 was as follows :
P, Q and R were partners in a firm sharing profits in the ratio 3:2:1. Their balance sheet on 31-12-2016 was as follows :
Following is the balance sheet of A, B and C as at 31st March, 2017, who have agreed to share
The Balance sheet of A, B and C who were sharing profits in proportion of their capital, stood as follows on 31st March, 2017 :
A, B and C are partners, sharing profits in the ratio of 4 : 3 : 2. Their balance sheet on 31st March, 2017 was as follows :

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