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Assertion(A): Assets and liabilities are revalued when there is change in profit sharing ratio of existing partners Reason (R): It is to ensure that no partner is at an advantage or disadvantage due to change in the value of assets and liabilities a. Both A and R are correct and R is the correct explanation of A. b. Both A and R are correct but R is not the correct explanation of A. c. A is correct but R is wrong d. A is wrong but R is correct |
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Answer» a. Both A and R are correct and R is the correct explanation of A. |
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