S1: Revaluation Account is prepared at the time of admission of a partner. S2: Revaluation Account is prepared at the time of retirement of a partner. Which statement(s) is/are correct?
Explanation:
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.
Assertion (A): The Public Financial Management System (PFMS) integrates with the Core Banking Solutions (CBS) of banks. Reason (R): This integration ensures that funds are credited directly to the beneficiary's account, eliminating leakages. Choose the correct option.
A.A is true but R is false
B.Both A and R are true but R is NOT the correct explanation of A
C.A is false but R is true
D.Both A and R are true and R is the correct explanation of A
Explanation:
PFMS integrates with CBS to enable Direct Benefit Transfer (DBT). This direct credit to beneficiary accounts ensures transparency and eliminates middlemen, correctly explaining the purpose of the integration.
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