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-sharingReason (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

Assertion (A): At the time of admission, the gain or loss on revaluati

1.	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-sharingReason (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
Answer» Correct option is b) Both Assertion (A) and Reason (R) are false

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