Question

Match List-I with List-II

List-I	List-II
(A) Salary to partner	(I) Credit side of Partners Capital Account
(B) Interest on partners loan	(II) Debit side of Partners Current Account
(C) Interest on partners drawings	(III) Debit side of Profit and Loss Account
(D) Additional capital introduced	(IV) Credit side of Partners Current Account

Choose the correct answer from the options given below:

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

Answer 1

The Correct Option is A

List-I	List-II
(A) Salary to partner	(I) Credit side of Partners Capital Account
(B) Interest on partners loan	(II) Debit side of Partners Current Account
(C) Interest on partners drawings	(III) Debit side of Profit and Loss Account
(D) Additional capital introduced	(IV) Credit side of Partners Current Account

To find the correct matches between List-I and List-II, let's consider the nature of each transaction type:

• (A) Salary to partner: This is an appropriation of profits and should be recorded on the Credit side of Partners Capital Account, since it increases the equity of the partner. This matches with (I).
• (B) Interest on partners loan: This expense should be recorded in the Debit side of Partners Current Account as it reduces the income. This matches with (II).
• (C) Interest on partners drawings: This is a gain for the firm, recorded as an income, so it should be on the Debit side of Profit and Loss Account. This matches with (III).
• (D) Additional capital introduced: This transaction increases the capital balance and must be accounted on the Credit side of Partners Current Account. This matches with (IV).

Therefore, the correct answer is: (A) - (I), (B) - (II), (C) - (III), (D) - (IV)

Answer 2

To solve this matching problem in Accountancy, we need to link each item in List-I with its appropriate item in List-II based on standard accounting practices: 

• Salary to partner: This is typically a reward given to a partner for their efforts or contributions to the business. It should be reflected on the Credit side of Partners Capital Account because it increases the partner's equity. Thus, (A) - (I).
• Interest on partners loan: The interest paid by the firm on a loan provided by a partner is recorded on the Debit side of Partners Current Account as it's an expense for the firm. Thus, (B) - (II).
• Interest on partners drawings: This is the interest charged by the firm on the drawings made by the partner, recorded as an income, so it affects the Debit side of Profit and Loss Account. Thus, (C) - (III).
• Additional capital introduced: When a partner introduces additional capital, it increases the partner’s equity and is recorded on the Credit side of Partners Current Account. Thus, (D) - (IV).

Therefore, the correct match is: (A) - (I), (B) - (II), (C) - (III), (D) - (IV)