Partnership

Accounting

Medium

common

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:

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

(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 Option: 1

Let me match each transaction with the correct side of the partner's account:

(A) Bank (fresh capital introduced)

When a partner introduces fresh capital, it increases their capital in the firm.

Journal Entry:

Bank A/c Dr

To Partner's Capital A/c

This appears on Credit side of Partner's Capital Account → (IV)

(B) Interest on drawings

Interest on drawings is a charge against the partner. It reduces the partner's share in profits.

Journal Entry:

Partner's Current A/c Dr

To Interest on Drawings A/c

This appears on Debit side of Partner's Current Account → (I)

(C) Bank (permanent withdrawal of capital)

When capital is permanently withdrawn, it reduces the partner's capital.

Journal Entry:

Partner's Capital A/c Dr

To Bank A/c

This appears on Debit side of Partner's Capital Account → (II)

(D) Commission

Commission is a benefit/income to the partner, which increases their entitlement.

Journal Entry:

Profit & Loss A/c Dr

To Partner's Current A/c

This appears on Credit side of Partner's Current Account → (III)

Final Matching:

(A) → (IV)
(B) → (I)
(C) → (II)
(D) → (III)

Correct Answer: Option 1

2026: 31 May Shift 1

Which of the following provisions of Partnership Act is not relevant for accounting?

2025: 13 May Shift 1

Calculate Interest on drawings for the amount of Rs. 7000 withdrawn on November 30, 2019

2026: 6 June Shift 1

Anuj and Varun are partners sharing profits equally, with capitals of Rs. 1,00,000 and Rs. 80,000 respectively. Interest on capital is agreed @ 6% p.a. Varun is to be allowed an annual salary of Rs. 10,000. Manager is to be allowed commission Rs. 5,000. Anuj has also given a Loan on April 01, 2024 of Rs. 50,000 to the firm without any agreement. During the year 2024-25, the profit earned was Rs. 42,500. State their share of profit after necessary appropriations.

2026: 11 May Shift 1

X and Y are partners in the firm. State which of the following claim is valid if the partnership agreement is silent in the following matters:

2025: 30 May Shift 1

In the Proforma of Partner's Capital Account under the Fluctuating capital Method, the Credit side includes the following items:

(A) Balance b/d (in case of credit opening balance)

(B) Salaries

(D) Profit and Loss Appropriation (for share of profit)

Choose the correct answer from the options given below:

2025: 14 May Shift 2

Which statement is not true about Capital Accounts of Partner-

Solution

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