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.

Both A and R are true. R is the correct explanation of A Both A and R are true, but R is not the correct explanation of A A is correct, but R is incorrect A is incorrect, but R is correct

Both A and R are true, but R is not the correct explanation of A

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.