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Assertion (A): At the time of admission, the gain or loss on revaluation is transferred to all partner’s capital account in their new profit-sharing Reason (R): All partners have the right to share the assets and liabilities of the partnership firm. 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. |
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Answer» b) Both Assertion (A) and Reason (R) are false. |
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