Identify the right combination of type of Account in making Final Accounts of Partnership Firm.(a) Profit and Loss A/C(b) Profit and Loss Suspense A/C(c) Profit and Loss Appropriation A/C(d) Profit and Loss Adjustment A/C(e) Partners' Capital A/CsChoose the correct answer from the options given below:
- A(a), (b), (d) only
- B(a), (c), (e) only
- C(a), (d), (e) only
- D(b), (c), (d) only
Solution & Step-by-step Explanation
In the preparation of final accounts for a partnership firm, a Profit and Loss Account is prepared to ascertain the net profit, followed by a Profit and Loss Appropriation Account to distribute the profit among partners, and finally Partners' Capital Accounts to record the partners' balances.