Assertion: Partnership Firm is a separate and distinct entity from partners from the view point of accounting.
Reasoning: According to Business Entity Concept, transactions of the business are recorded from the viewpoint of the firm.
Reasoning: According to Business Entity Concept, transactions of the business are recorded from the viewpoint of the firm.
Answer & explanation
Correct answer: option 1
The definition of partnership is written in the partnership act 1932. The assertion and reason is true and reason is the correct explanation.