| Directions (Q. Nos. 1-5): Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: |
| Assertion (A): Revaluation account is debited to transfer gain on revaluation to old partners' capital accounts in their old profit sharing ratio. |
| Reason (R): Partner's capital account is credited with his share of gain on revaluation account. |
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: B
Solution :
[b]
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