Match the List-I with List-II

List-I

A. 'Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.

B. The Central government has prescribed the maximum number of partners in a firm to be 50.

C. Intangible asset 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.

D. It is a process to apply for subscribing to IPOs and Right Issue of securities

List-II

I. Companies Act, 2013

II. AS-26

III. Partnership Act, 1932

IV. ASBA

Choose the correct answer from the options given below:

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

Correct answer: Option (3) → A - III, B - I, C - II, D - IV

Concept: Partnership is defined by the Indian Partnership Act, 1932; the ceiling on partners is prescribed under the Companies Act, 2013; intangible assets are governed by AS-26; and ASBA is the application mechanism for public issues – drawn from Accounting for Partnership: Basic Concepts.

A. Definition of partnership = Indian Partnership Act, 1932 (III).
B. Maximum number of partners prescribed as 50 = Companies Act, 2013 (I).
C. Definition of an intangible asset = AS-26 (II).
D. Application Supported by Blocked Amount for IPOs/Rights issues = ASBA (IV).
Hence A-III, B-I, C-II, D-IV.