Match the LIST-I with LIST-II
LIST-I LIST-II A. Profit and loss Suspense A/c I. Admission or Retirement of a partner B. The outgoing 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) II. Hidden Goodwill C. Revaluation A/c III. Section 37 of the Indian Partnership Act 1932 D. It has to be inferred from the arrangement of the capital and profit sharing ratio IV. Death of a partner
Choose the correct answer from the options given below:
Match the LIST-I with LIST-II
| LIST-I | LIST-II | |
|---|---|---|
| A. | Profit and loss Suspense A/c | I. Admission or Retirement of a partner |
| B. | The outgoing 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) | II. Hidden Goodwill |
| C. | Revaluation A/c | III. Section 37 of the Indian Partnership Act 1932 |
| D. | It has to be inferred from the arrangement of the capital and profit sharing ratio | IV. Death of a partner |
Choose the correct answer from the options given below:
Solution
✅ Correct Option: 4
Profit and Loss Suspense A/c records the deceased partner's share of interim profit (IV). The option of 6 percent interest or profit earned on the unpaid amount is given by Section 37 (III). Revaluation A/c is prepared on admission or retirement (I). Goodwill inferred from capital and profit sharing arrangement is hidden goodwill (II).
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