Assertion :A partner cannot make secret profits. Reason: Every partner must account for any benefits derived from the partnership business without the consent of the other partners.

Both Assertion and Reason are correct and Reason is the correct explanation for Assertion

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Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion

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Assertion is correct but Reason is incorrect

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Both Assertion and Reason are incorrect

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Solution

The correct option is D Both Assertion and Reason are incorrect
A partner in a Partnership agreement of a firm can make secret profits without the consent of other partners only from some other business and not from the business of the partnership firm. Even the business should not compete with the business of the partnership firm.

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