A and B are the partners in a business as wheat sellers. B was the authorized dealer to buy wheat for the firm. He without A's knowledge, supplied to the firm his own wheat at the market price which he had bought at a lower price and thus made a considerable profit. Is B liable to account for profit?

Partners have a fiduciary duty to account for any personal profits made from firm opportunities. In this case, B breached his duty by dealing with the firm in his own capacity and failing to disclose his personal interest. The profit B made by selling his own wheat to the firm at market price belongs to the firm, and B must account for it. This is a classic case of secret profit. The answer True is correct.