| Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: |
| Assertion (A): Interest on Loan and rent paid to partner are recorded in profit and loss account. |
| Reason (R): Interest on loan and rent paid to partner are charge against profit. |
A) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
B) Both Assertion (A) and Reason (R) are true but 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.
Correct Answer: A
Solution :
[a]
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