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.
1
Both (A) and (R) are correct and (R) is the correct explanation of (A).
2
Both (A) and (R) are correct but (R) is not the correct explanation of (A).
3
(A) is correct but (R) is not correct.
4
(A) is wrong but (R) is correct.
5
None of the above