Question : Assertion (A): A partnership is a relationship between individuals who have decided to split the earnings from a business that is operated by all of them acting collectively or by any one of them.
Reason (R): The Partnership Act of 1932 defines it.
Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Option 2: Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A)
Option 3: Assertion (A) is true but Reason (R) is False
Option 4: Both Assertion (A) and Reason (R) are not correct.
Correct Answer: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)
Solution : The definition of partnership is written in the Indian Partnership Act 1932. The assertion and reason is true and reason is the correct explanation.
Hence the correct answer is option 1.
Question :
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Question : What is the meaning of mutual agency in a partnership firm?
Summarize the following paragraph:
Summarize the following
Question : Assertion (A): The partnership agreement can be written or oral. Reason (R): To avoid any misunderstandings or disputes, it is always best to have a written agreement that has been signed and registered under the Act.
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