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

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 wrong, but (R) is correct.

By: santosh