Assertion (A): Reserves and accumulated profits and losses will continue to be shown at their old values in balance sheet of new firm. Reason (R): Reserves and Accumulated profits and losses are adjusted through Partners’ Capital A/c. 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

Assertion (A): Reserves and accumulated profits and losses will contin

1.	Assertion (A): Reserves and accumulated profits and losses will continue to be shown at their old values in balance sheet of new firm. Reason (R): Reserves and Accumulated profits and losses are adjusted through Partners’ Capital A/c. 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
Answer» a. Both A and R are correct and R is the correct explanation of A.

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