Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of……………..

Question :Assertion (A): Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all. Reason (R) : If a partner carries on any business of the same nature and competing with that of the firm, he/she shall account for and pay to the firm all profit made by him/her in that business. Choose the correct option from the following :

(A) Both (A) and (R) are correct.

{B) Both (A) and (R) are incorrect.

(C) Both (A) and (R) are correct and (R) is the correct explanation of

The correct answer is -(A) Both (A) and (R) are correct.