Statement-1 : Water can act as acid as well as base.
Statement-2 : Water can accept as well as donate `H^+` ion.

Options

A. If both the statements are True and statement-2 is the correct explanation of statement-1
B. If both the statements are True and statement-2 is not the correct explanation of statement-1
C. If statement-1 is true and statement-2 is false
D. If statement-1 is false and statement-2 is true

Answer

To analyze the statements provided in the question, we will evaluate each statement regarding the properties of water.

### Step-by-Step Solution:

1. **Understanding Statement-1**:
- Statement-1 claims that "Water can act as acid as well as base."
- This is true because water (H₂O) is amphoteric, meaning it can act as both an acid and a base depending on the reaction conditions.

2. **Understanding Statement-2**:
- Statement-2 states that "Water can accept as well as donate `H^+` ion."
- This is also true. Water can donate a proton (H⁺) to form hydroxide ions (OH⁻), acting as an acid. Conversely, it can accept a proton from a stronger acid, acting as a base.

3. **Analyzing the Relationship**:
- Since both statements are true, we need to determine if Statement-2 provides a correct explanation for Statement-1.
- The ability of water to accept and donate protons directly supports its classification as an amphoteric substance, confirming that it can act as both an acid and a base.

4. **Conclusion**:
- Both statements are true, and Statement-2 is indeed a correct explanation of Statement-1.

### Final Answer:
- **Option A**: Both statements are true, and Statement-2 is the correct explanation of Statement-1.