Assertion (A) - The ultimate objective of any partnership firm is to earn profits and distribute amongst the partners.
Reason(R) - Any association initiated to do charity work is not partnership.
Reason(R) - Any association initiated to do charity work is not partnership.
Answer & explanation
Correct answer: option 2
The objective of the business is to make profits and distribute the same amongst
partners. Any association initiated to do charity work is not partnership.