0

Assertion (A): Interest charged on drawings is debited to Profit and Loss Appropriation Account.

Reason (R): Interest on drawings is charged even if the Partnership Deed does not provide.

In the context of the above two statements, which of the following is correct?

a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A).

b) Both Assertion (a) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

c) Assertion (A) is correct but the Reason (R) is not correct.

d) Both Assertion (A) and Reason (R) are incorrect.

Anurag Pathak Changed status to publish April 15, 2023
Add a Comment