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Home Questions B834MM6VPF
Target Exam

CUET

Subject

Accountancy

Chapter

Accounting for Partnership

Question:

Match List – I with List – II.

List - I

List - II

 (A) Interest on partner's loan 

 (I) Profit and Loss Appropriation A/c 

 (B) Personal account

 (II) Balance Sheet

 (C) Position statement

 (III) Capital Account

 (D) Commission to a partner 

 (IV) Profit and Loss Account

Choose the correct answer from the options given below :

Options:

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

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

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

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

Correct Answer:

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

Explanation:

The correct answer is Option (3) → (A)-(IV), (B)-(III), (C)-(II), (D)-(I)

* Interest on partner's loan - Profit and Loss Account. Interest on partner's loan is charge against profits and is debited to Profit and Loss account

* Personal account- Capital Account. Capital Account is a Personal Account.

* Position statement- Balance Sheet. Balance Sheet is a Position Statement and is prepared at end of period.

* Commission to a partner- Profit and Loss Appropriation A/c. Partner's Commission is a appropriation of profit and is debited to Profit and Loss appropriation.

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