There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the codes provided below-
Assertion: The firm’s profits and losses are to be shared equally by all the partners.
Reasoning: The partners must share the profits and losses of the Business.
Answer & explanation
Correct answer: option 4
Assertion (A) is not true as partners can share profit and losses equally only in the absence of partnership deed.