ICSE Class X Commercial Applications 2020 Solved Papers
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Give a reason either for or against each of the following statements :
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Question : 20
Total: 32
"The capital provided by the owner is treated as a liability of the firm".
Answer with reference to the concept of Accounting.
Answer with reference to the concept of Accounting.
Solution:
For : The capital provided by the owner is treated as the liability of the firm because a firm is a separate and distinct unit from its owners, so the firm has to return the capital provided by the owner.
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