12th Class Accountancy Fundamentals of Partnership Question Bank Assertion and Reason - Accounting for Partnership Firm - Fundamental

  • question_answer
    Assertion (A) :
    Partners are both 'Agents' and 'Principals'.
    Reason (R) :
    As an agent, a partner represents other partners and binds them through his acts. As a principal, he is bound by the act of other 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

    Correct Answer: A

    Solution :

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


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