Assertion (A): The capital account of a partner does not show a debit balance inspite of regular and consistent losses year after year. Reason (R): All transactions relating to profit or loss, drawings, salaries etc. are shown in current not in capital account in case of the fixed capitals.
a) Both A and R are true and R is the correct explanation of A
b) Both A and R are true and R is not the correct explanation of A
c) A is true , but R is false
d) A is false , but R is trueRead more on Sarthaks.com