hey before taking to example i think one should be aware of what these separate entity and going concern concepts are???
well ..... separate entity concept treats business as distinct and completely separate from owners...........
and according to going concern concept ..... a member can go , retire or die but business goes on forever and ever......
i think this what exacly happened while solving that fraud case...
well i m talking of SATYAM (one of the largest I T companies) underwent such a huge fraud case ....the government appointed the new board....and treated the assets of satyam distinct from owner....and then finally bidding was done.....and now SATYAM is still working with new owner
(here the going concern concept work) and it will go forever and ever
so for any business and also the outsiders ..dealing with it,it is imperative to be abide by these concepts ....
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