Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives given below:
Assertion (A): On retirement, the old partnership agreement comes to an end and a new partnership agreement comes into existence between the remaining partners.
Reason(R): Retirement of a partner leads to the reconstitution of the firm.

Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

Retirement of a partner leads to the reconstitution of the partnership which leads to ending of the old agreement and the beginning of a new agreement.