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.

• A. Both (A) and (R) are correct and (R) is the correct explanation of (A).
• B. Both (A) and (R) are correct but (R) is not the correct explanation of (A).
• C. (A) is correct but (R) is not correct.
• D. (A) is wrong but (R) is correct.