Assertion (A): Profit and Loss Adjustment account is required for rectification of errors or omissions. Reason (R) : This account is prepared to rectify those errors and omissions which are left while preparing final accounts and found after distribution of profits among partners. a) Both A and R are true and R is the correct explanation of A b) Both A and R are true and R is not the correct explanation of Ac) A is true , but R is false d) A is false , but R is true

Assertion (A): Profit and Loss Adjustment account is required for rect

1.	Assertion (A): Profit and Loss Adjustment account is required for rectification of errors or omissions. Reason (R) : This account is prepared to rectify those errors and omissions which are left while preparing final accounts and found after distribution of profits among partners. a) Both A and R are true and R is the correct explanation of A b) Both A and R are true and R is not the correct explanation of Ac) A is true , but R is false d) A is false , but R is true
Answer» Correct option is a) Both A and R are true and R is the correct explanation of A

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