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Assertion (A): Sinking fund is a charge against profit and loss account.
Reason (R): Sinking fund is created for repayment of a long-term liability.
Which of the following statements is correct?

Assertion (A): Sinking fund is a charge against profit and loss account.
Reason (R): Sinking fund is created for repayment of a long-term liability.
Which of the following statements is correct? Correct Answer (A) is incorrect, but (R) is correct

Related Questions

Assertion (A) Sinking fund is a charge against profit and loss account.
Reason (R) Sinking fund is created for repayment of a long-term liability.
An assertion and a reason are given below. Assertion: The phenomenon of nuclear fission generates great energy. Reason: The process in which a nucleus is broken into two parts is called nuclear fission. Choose the answer. A. Both Assertion and Reason are true and Reason is the correct explanation of Assertion. B. Both Assertion and Reason are true but Reason is not the correct explanation of Assertion. C. Both Assertion and Reason are false. D. Assertion is true but Reason is false.
The bar graph given below shows the cost price and selling price of 5 articles. Profit amount = Selling price – Cost price Loss amount = Cost price – Selling price Profit percent/Loss percent = [(Profit/Loss)/Cost price] × 100 Which of the following statement(s) is/are not correct? I. If the cost price of A and E gets interchanged, then there will be a loss of 24 percent on E. II. Profit earned on D is 25 percent.
With reference to the National Invest­ment Fund to which the disinvestment proceeds are routed, consider the following statements : 1. The assets in the National Invest­ment Fund are managed by the Union Ministry of Finance. 2. The National Investment Fund is to be maintained within the Consoli­dated Fund of India. 3. Certain Asset Management Com­panies are appointed as fund managers. 4. A certain proportion of annual income is used for financing select social sectors. Which of the statements given above is/are correct?
The question below is followed by three statements I, II and III. You have to determine whether the data given is sufficient for answering the question. You should use the data and your knowledge of mathematics to choose the best possible answer. How many runs Sachin scored against Kashmir? I. The difference between his score against Mumbai and against Delhi is equal to the difference between the score against Delhi and against Kashmir. II. The average run he scored against all three states Delhi, Kashmir and Mumbai is 100. III. He scored 25 runs more against Mumbai than Kashmir.
Invesco Mutual Fund has launched its new fund Invesco India - Invesco Global Consumer Trends Fund of Fund. The fund will invest how much per cent of its assets in shares of Invesco Global Consumer Trends Fund?
The following questions have three statements. Study the question and the statements and decide which of the statement(s) is/are necessary to answer the question. A shopkeeper sells two articles for Rs. 1480. Find the amount of overall profit/loss. Statement I: Ratio of loss in 1st article and profit in second article is 3 : 4. Statement II: The shopkeeper sells 1st article at 15% loss and 2nd at 25% profit. Statement III: Cost price of 1st article is equal to the selling price of 2nd article.
Consider the following for the fund created for political purposes under the Trade Union Act, 1926. Which of the following statement(s) is/are correct?
1. No member shall be compelled to contribute to this fund.
2. The fund will be established under the Section 21 of the Trade Union Act.
3. A member who does not contribute to the said fund shall not be excluded from any benefits of the Trade Union.
A ship of height 15 meter is sinking at the rate of 1 meter/minute. This incident is happening 39 km away from the rescue team's ship, at what speed rescue team's ship should run to reach the sinking ship when 2 meter of the sinking ship is remaining to sink.
The following items consist of two statements, one labeled as “Assertion (A)” and the other labeled as the “Reason (R)”. You are to examine the two statements carefully and decide if the Assertion (A) and the Reason (R) are individually true and if so whether the reason is a correct explanation of the assertion. Select your answer to these items using the codes given below and mark your answer accordingly. Assertion (A): A sphygmomanometer is always used in conjunction with a means to determine at what pressure, blood flow is just starting, and at what pressure it is unimpeded. Reason (R): Manual sphygmomanometers are used in conjunction with a stethoscope.