Potassium hypochlorite when dissolved in water would dissociate into ions namely the potassium ions and the hypochlorite ions. Furthermore, hypochlorite ions would interact with water molecules and would decompose further. The dissociation reactions are as follows:
KClO <=> K+ + ClO-
ClO- + H2O <=> HOCl + OH-
Adding the two reactions, would give
KClO + ClO- + H2O = K+ + HOCl + OH- + ClO-
The two ClO- ions in both sides would cancel giving us the net ionic equation:
KClO + H2O = K+ + HOCl + OH-
Option (a) is correct.
A reducing agent is the one which loses electrons to other substance.
Here, Zn has oxidation number 0 in the L.H.S of the equation, but on R.H.S its oxidation number is +2 i.e. it Zn has donated two of its electrons to

.
Hence, Zn is the reducing agent here.
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