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.
A. (A) is true, but (R) false
B. Both (A) and (R) are true
C. (A) is false, but (R) true
D. Both (A) and (R) are false
Answer: Option B
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