Practicing Success
Question consists of two statements, namely, Assertion (A) and Reason (R). Select the correct answer. |
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A). Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A). Both Assertion (A) and Reason (R) are not correct. Assertion (A) is true but Reason (R) is False |
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A). |
Assertion (A) provides a definition of partnership: a business relationship where individuals agree to share the profits of a business carried on by any or all of them, while acting for the collective benefit of all partners. Reason (R) states that the term "Partnership" is defined in the Partnership Act, 1932. This is also true. The Partnership Act, 1932 (or similar legislation in various jurisdictions) provides the legal framework and definition for partnerships. It outlines the rights, responsibilities, and regulations governing partnerships. But Assertion is not explained by the statement in reason. |