Assertion (A): At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to all partner’s capital account. Reason(R): The new partner is not entitled to have any share in general reserve (accumulated profits). These are transferred to old partner’s capital accounts in old profit-sharing ratio.a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false. c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true

Assertion (A): At the time of admission of a new partner, general rese

1.	Assertion (A): At the time of admission of a new partner, general reserve appearing in the old balance sheet is transferred to all partner’s capital account. Reason(R): The new partner is not entitled to have any share in general reserve (accumulated profits). These are transferred to old partner’s capital accounts in old profit-sharing ratio.a) Both Assertion (A) and Reason (R) are true. b) Both Assertion (A) and Reason (R) are false. c) Assertion (A) is true and Reason (R) is false. d) Assertion (A) is false and Reason (R) is true
Answer» Correct option is b) Both Assertion (A) and Reason (R) are false.

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