Match the following related to the partnership account.

1) b 2) d 3) a 4) c

* Profit and loss adjustment A/c- Sometimes a few omissions or errors in the recording of transactions or the preparation of summary statements are found after the final accounts have been prepared and the profits distributed among the partners. Necessary adjustments can be made through Profit and Loss Adjustment Account. Thus, errors are rectified through this account.

* Profit and loss appropriation A/c- Profit and Loss Appropriation Account is merely an extension of the Profit and Loss Account of the firm. It shows how the profits are appropriated or distributed among the partners.

* Profit and loss A/c- P & L Account is a Nominal account as it contains all the indirect expenses and indirect income of the business entity.

* Balance sheet- Balance sheet tells us about the financial position of the business at the end of the year.