Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): The amount of subscription of ₹ 15,000 was paid out of which ₹ 3,000 is pertaining to the next year. The amount of subscription to be recorded in the Income and Expenditure Account is ₹ 15,000.
Reason (R): The Income and Expenditure Account records all the transactions that are relevant only for the current financial year.