ASSERTION (A): On admission of new partner, Assets and Liabilities are revalued and reassessed REASON (R) : The Assets and Liabilities are revalued and reassessed as to show the proper financial position of the firm and capital held by the partners at the time of admission. Choose the correct answer (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) (b) Both Assertion (A) and the reason (R) are true, but the reason (R ) is not the correct explanation of Assertion (A) (c) Assertion (A) is true, but Reason ( R) is false (d) Assertion (A) is false, but Reason (R) is True

ASSERTION (A): On admission of new partner, Assets and Liabilities are

1.	ASSERTION (A): On admission of new partner, Assets and Liabilities are revalued and reassessed REASON (R) : The Assets and Liabilities are revalued and reassessed as to show the proper financial position of the firm and capital held by the partners at the time of admission. Choose the correct answer (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) (b) Both Assertion (A) and the reason (R) are true, but the reason (R ) is not the correct explanation of Assertion (A) (c) Assertion (A) is true, but Reason ( R) is false (d) Assertion (A) is false, but Reason (R) is True
Answer» (c) Assertion (A) is true, but Reason ( R) is false

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