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ASSERTION (A) : Profit or loss on revalution of assets and reassessment of liabilities is transferred to the old partners’ Capital account/Current account in old profit sharing ratio. REASON (R) : All the accumulated profits or losses and reserves are transferred to old partners’ capital account/current account in the old profit sharing ratio (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 |
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Answer» (a) Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of Assertion (A) |
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