I should not be accepting the praise because my colleague did most of the work. Also if I should accept the praise and didn’t give most of the credit to my colleague it shouldn’t be honest work and my colleague wouldn’t get a promotion.

The boss would most likely look on the situation if I should credit most of the work to myself without naming my colleague works most of it. It shouldn’t be fair for me to get a promotion. I go on to sincerely praise my colleague for his work on his account, describe what he did, and then naturally I go on to talk about how teamwork and creativity on his work.