| Assertion (A): |
| At the time of admission of a new partner, if any outstanding liability (given in balance sheet) is paid by the firm, it will not be shown in the Revaluation Account. |
| Reason (R) : |
| Revaluation Account is prepared to revalue the assets and to reassess the liabilities. |
| Choose the Correct Option from the following: |
A) Assertion and Reason both are correct and Reason is the correct explanation of assertion
B) Assertion and Reason both are correct but Reason is not correct explanation of assertion
C) Both Assertion and Reason are not correct
D) Only Assertion is correct
Correct Answer: A
Solution :
Assertion and Reason both are correct and Reason is the correct explanation of assertion
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