| (i) | Loan given by partner to the firm | (a) | Is an extension of Profit and Loss Account |
| (ii) | Loan given by the firm to a partner | (b) | Liability |
| (iii) | Profits will be shared equally | (c) | When there is no partnership deed |
| (iv) | Profit and Loss Appropriation Account | (d) | Asset |
A) (i) b, (ii) d, (in) a (iv) c
B) (i) b, (ii) c, (iii) d (iv) a
C) (i) b, (ii) d, (iii) c (iv) a
D) (i) b, (ii) a, (iii) c (iv) d
Correct Answer: C
Solution :
(i) b, (ii) d, (iii) c (iv) a
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