Assertion (A): Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm. Reason (R): There exists a relationship of mutual agency between all the partners. Choose the correct option from the following: A). Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A). B). Both Assertion (A) and Reason (R) are correct, but Reason (R) is not the correct explanation of Assertion (A). C). Assertion (A) is correct, but Reason (R) is incorrect. D). Assertion (A) is incorrect, but Reason (R) is correct.

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

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Accountancy > Accounting For Partnership Firms > Fundamentals Of Partnership

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Assertion (A): Each partner carrying on the business of the firm is the principal as well as the agent for all the other partners of the firm. Reason (R): There exists a relationship of mutual agency between all the partners.

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