Practicing Success
Practicing Success
CUET Preparation Today
Assertion (A) : At the time of admission of a partner, a Revaluation Account is prepared. Reasoning (R ): The firm is reconstituted, when there is a new entry of partner and all the assets and liabilities are revalued for this purpose. Choose the correct option out of followings. |
A is correct but R is incorrect A is incorrect but R is correct Both A and R correct but R is not the correct explanation of R Both A and R correct but R is the correct explanation of R |
| Both A and R correct but R is the correct explanation of R |
| At the time of entry of a new partner, the firm is reconstituted and assets and liabilities are revalued, for this purpose Revaluation Account is prepared. |
