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Home Questions 3GSRNW7J7S
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

Match List I with List II 

List I List II
 A. Partner's Salary   I. P & L A/c Dr.
B. Manager's Salary  II. P & L Appropriation Ac Dr.
C. Distribution of Loss III. P & L A/c Cr.
D. Commission Received  IV. P & L Appropriation A/c Cr

 Choose the correct answer from the options given below:

Options:

A-II, B-I, C-IV, D-III

A-III, B-IV, C-I, D-II

A-I, B-II, C-III, D-IV

A-III, B-II, C-I, D-IV

Correct Answer:

A-II, B-I, C-IV, D-III

Explanation:

* Partner’s Salary-
                                                        Profit and Loss Appropriation A/c Dr.
                                                                To Salary to Partner’s A/c

* Manager salary(dr)- is debited to profit and loss account as it is an expense for the firm.

* Distribution of Loss after appropriations-
                                                       Partner’s Capital/Current A/c (individually)
                                                                  To Profit and Loss Appropriation A/c

* Commission received(Cr)- is credited to profit and loss account as it is an income for the firm.

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