Assertion (A): In the absence of a partnership deed, partners are entitled to interest on capital at 6% p.a. Reason (R): The Indian Partnership Act, 1932 allows interest on capital only if there is an agreement. Choose the correct option:
A.A is true but R is false.
B.A is false but R is true.
C.Both A and R are true and R is the correct explanation of A.
D.Both A and R are true but R is not the correct explanation of A.
S1: Under Ind AS 115, if a contract contains multiple performance obligations, the transaction price must be allocated to each obligation based on their relative standalone selling prices. S2: If the standalone selling price is not directly observable, the entity must estimate it using the adjusted market assessment approach or the expected cost plus a margin approach. Which statement(s) is/are correct?
Explanation:
Both statements are correct as per Ind AS 115. The transaction price must be allocated based on standalone selling prices, and if not directly observable, the entity must estimate it using approved methods like adjusted market assessment or expected cost plus margin.
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