question_answer

Assertion (A) :

At the time of admission of a new partner, purchase of a new asset will not be recorded in the revaluation account but if asset was written off earlier is brought back into the books, it will be shown in the Credit side of Revaluation Account.

Reason (R) :

Revaluation Account is prepared to Record all types of assets whether assets are old or new, purchased or sold.

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 corrects