Match List-I with List-II.

Choose the correct answer from the options given below

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

The correct answer is option 4- (A)-(III), (B)-(IV), (C)-(I), (D)-(II).

(A) AS-3- (III) Cash flow statement.
Financial Statements are defined in Companies Act, 2013 (Section 2 (40)] and includes Cash Flow Statement prepared in accordance with Accounting Standard- 3 (AS-3)- Cash Flow Statement. A cash flow statement provides information about the historical changes in cash and cash equivalents of an enterprise by classifying cash flows into operating, investing and financing activities. It requires that an enterprise should prepare a cash flow statement and should present it for each accounting period for which financial statements are presented.

(B) AS-26- (IV) Treatment of goodwill.
The Standard 26 comes into effect in respect of expenditure incurred on intangible items during the accounting periods commencing on or after April 1, 2003. As per the Standard, Intangible Asset under AS 26 is defined as an identifiable, non monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes. Goodwill is also an intangible asset so it is treated under AS-26.

(C) Section 48 of the Indian partnership Act- (I) Settlement Of Accounts.
In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. For this purpose, it disposes off all its assets for satisfying all the claims against it. In this context it should be noted that, subject to agreement among the partners, the following rules as provided in Section 48 of the Partnership Act 1932 shall apply.
(a) Treatment of Losses- Losses, including deficiencies of capital, shall be paid :
  (i) first out of profits,
  (ii) next out of capital of partners, and
  (iii) lastly, if necessary, by the partners individually in their profit sharing ratio

(D) Section 49 of the Indian partnership Act- (II) Firm's debt and private debt.
Where both the debts of the firm and private debts of a partner co-exist, the following rules, as stated in Section 49 of the Act, shall apply.
(a) The property of the firm shall be applied first in the payment of debts of the firm and then the surplus, if any, shall be divided among the partners as per their claims, which can be utilised for payment of their private liabilities.(b) The private property of any partner shall be applied first in payment of his private debts and the surplus, if any, may be utilised for payment of the firm’s debts, in case the firm’s liabilities exceed the firm’s assets. It may be noted that the private property of the partner does not include the personal properties of his wife and children. Thus, if the assets of the firm are not adequate enough to pay off firm’s liabilities, the partners have to contribute out of their net private assets (private assets minus private liabilities).