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Question
Assertion (A): Transfer to reserves is shown in P & L Appropriation A/c.
Reason (R): Reserves are charge against the profits.
Options
(A) is correct, but (R) is wrong
Both (A) and (R) are correct
(A) is wrong, but (R) is correct
Both (A) and (R) are wrong
MCQ
Solution
(A) is correct, but (R) is wrong
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Distribution of Profit Among Partners
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