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Home Questions QX4M9M27WG
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounting for Partnership

Question:

Match List-I with List-II

List-I

List-II

(A) Bank (fresh capital introduced)

(I) Debit side of Partner's Current Account

(B) Interest on drawings

(II) Debit side of Partner's Capital Account

(C) Bank (permanent withdrawal of capital)

(III) Credit side of Partner's Current Account

(D) Commission

(IV) Credit side of Partner's Capital Account

Choose the correct answer from the options given below:

Options:

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

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

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

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

Correct Answer:

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

Explanation:

The correct answer is Option (1) → (A)-(IV), (B)-(I), (C)-(II), (D)-(III)

List-I (Item) Effect on Partner's Account List-II (Location)
(A) Bank (fresh capital introduced) Increases permanent capital (IV) Credit side of Partner's Capital Account
(B) Interest on drawings Decreases profit appropriation for the partner (I) Debit side of Partner's Current Account
(C) Bank (permanent withdrawal of capital) Decreases permanent capital (II) Debit side of Partner's Capital Account
(D) Commission (Share of profit/remuneration) Increases profit appropriation for the partner (III) Credit side of Partner's Current Account

 

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