Given below are two statements.
Statement I: Phenols are weakly acidic.
Statement II: Therefore they are freely soluble in NaOH solution and are weaker acids than alcohols and water.
Choose the most appropriate option

We need to analyze both statements about phenols. Statement I, that phenols are weakly acidic, is correct. Phenols have $$pK_a \approx 10$$ because the phenoxide ion formed after losing a proton is stabilized by resonance with the benzene ring; however, they are much weaker acids than carboxylic acids.

Statement II has two parts. First, phenols are freely soluble in NaOH solution, which is correct as they dissolve to form sodium phenoxide, a water-soluble salt. Second, the claim that they are weaker acids than alcohols and water is incorrect: phenols are stronger acids than alcohols and water, with the acidity order being Carboxylic acids > Phenols > Water > Alcohols.

Since Statement II contains an incorrect claim, it is overall incorrect. The correct answer is Option B: Statement I is correct but Statement II is incorrect.