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Assertion (A): Workmen compensation reserve is credited to partners’ capital or current accounts in their old profit sharing ratio. Reason (R): Reserves exist in the books of firm, transferred to Partners’ Capital Accounts only. 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» c. A is correct but R is wrong |
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