Assertion A Personal transactions of the owners of the business are not recorded in the books Reason...........

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Assertion (A): Personal transactions of the owners of the business are not recorded in the books.

Reasoning (R): According to the business entity concept, each business enterprise is considered as an accounting unit separate from owners.

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Both (A) and (R) are correct and (R) is the correct explanation of (A).

Both (A) and (R) are correct but (R) is not the correct explanation of (A).

(A) is correct but (R) is not correct.

(A) is wrong but (R) is correct.

Both (A) and (R) are correct and (R) is the correct explanation of (A).

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