question_answer

Assertion (A) :

Personal assets of the partners can be used to meet the firm's liability, if firm's assets are insufficient to meet its liabilities.

Reason (R) :

As per Law, a partnership firm is not a separate legal entity from its partners.

Choose the Correct Option from the following:

A) Assertion and Reason both are correct and Reason is the correct explanation of assertion

B) Assertion and Reason both are correct but Reason is not correct explanation of assertion

C) Only Assertion is correct

D) Reason is correct but Assertion is not correct