Match List-I with List-II, List-I, List-II, (A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years, (I) 4, (B) AS .....deals with intangible assets, (II) 10, (C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio)., (III) 26, (D) Section ...... of the Indian Partnership Act 1932 defines partnership., (IV) 37, Choose the correct answer from the options given below:

Question

Match List-I with List-II | List-I | List-II | |---|---| | (A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years | (I) 4 | | (B) AS .....deals with intangible assets | (II) 10 | | (C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio). | (III) 26 | | (D) Section ...... of the Indian Partnership Act 1932 defines partnership. | (IV) 37 | Choose the correct answer from the options given below:

Accepted Answer

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

Answer

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

Answer

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

Answer

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

List-I	List-II
(A) Revaluation account is credited with	(I) To the revaluation account
(B) Unrecorded assets are credited	(II) Increase in value of asset
(C) Revaluation account is debited	(III) Is credited to old partners Capital A/c in old ratio
(D) Gain on revaluation	(IV) If liability increases

List-I	List-II
(A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years	(I) 4
(B) AS .....deals with intangible assets	(II) 10
(C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio).	(III) 26
(D) Section ...... of the Indian Partnership Act 1932 defines partnership.	(IV) 37

Solution

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