Given below are two statements one labelled as Assertion A and the other labelled as Reason R A...........

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Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R) :

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. In the context of the above two statements, which one of the following is correct ?

Codes : (2 marks)

(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.

Explanation:

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

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