alleryMatch each partnership accounting account with its purpose:
A1-A, 2-B, 3-C
B1-B, 2-A, 3-C
C1-C, 2-B, 3-A
D1-A, 2-C, 3-B
Answer & Solution
Correct answer: A. 1-A, 2-B, 3-C
P&L Appropriation distributes profits. Fixed capital uses Capital + Current. Fluctuating uses single Capital A/c.
Keep practising Accounting for Partnership Firms: Fundamentals
Browse all Accounting for Partnership Firms: Fundamentals questions for CBSE Class 12 (Commerce), or explore more Accountancy topics.
Related questions
Match each partnership term with its legal definition:Match each interest calculation with its formula:Match Partnership Act 1932 provisions in absence of Partnership Deed:In a sole proprietorship, where does net profit go?If the deed is silent, how are losses shared?Interest on capital is allowed on capital for what period?Where do partners' capital accounts appear in the balance sheet?A partner's capital account is fixed. Where is his share of profit credited?