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Assertion (A): A partnership is a separate and distinct entity from partners from the viewpoint of accounting.

Reason (R): According to the Business Entity Concept, transactions of the business are recorded from the viewpoint of the firm. Hence, it is a separate and distinct entity from partners from the viewpoint of accounting.

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

a) Assertion (A) and Reason (R) are correct but 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 not correct.

Anurag Pathak Changed status to publish April 15, 2023
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