The correct answer is option 'A', X and Y are partners. Let's understand why this is the case.

Partnership Definition:
A partnership is a legal relationship between two or more individuals who agree to carry on a business together and share its profits and losses.

Explanation:
In this scenario, X and Y have jointly purchased 10,000 bags of cement to sell for their joint account. This indicates that they have entered into a business venture together, where they both have an ownership interest in the cement bags and will share the profits and losses from the sales.

Here are the reasons why X and Y are partners:

1. Joint Ownership: X and Y have jointly purchased the cement bags, which means they both have a shared ownership interest in the inventory. This joint ownership establishes a partnership.

2. Agreement to Sell for Joint Account: X and Y have agreed to sell the cement bags for their joint account. This implies that they have mutually decided to conduct business together and share the results of the sales.

3. Profit and Loss Sharing: As partners, X and Y will share the profits and losses from the sales of the cement bags. This is a characteristic feature of a partnership, where the partners distribute the financial outcomes of the business venture.

4. Absence of Co-venture: Co-venture refers to a temporary collaboration between two or more parties for a specific project or purpose. In this scenario, there is no indication that X and Y are collaborating on a specific project or purpose. Instead, they have jointly purchased the cement bags for their joint account, suggesting a more ongoing and continuous business relationship.

Therefore, based on the given information, we can conclude that X and Y are partners in a business venture. They have a shared ownership interest, an agreement to sell for their joint account, and will share the profits and losses from the sales.