There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the codes provided below-
Assertion: A profit and Loss Appropriation Account is prepared to show the distribution of profits among partners as per the provision of Partnership Deed.
Reasoning: Only working partner(s) can inspect the books of accounts.
Answer & explanation
Correct answer: option 3
All partners whether working or non working can inspect the books of the firm. Reason is false.