Match List-I with List-II:List-IList-II(A) Admission of a partner(I) Executor Accounts(B) Retirement of a partner(II) Sacrificing Ratio(C) Death of a partner(III) Realisation Account(D) Dissolution of a firm(IV) Gaining RatioChoose the correct answer from the options given below:
- A(A) - (III), (B) - (II), (C) - (I), (D) - (IV)
- B(A) - (II), (B) - (IV), (C) - (I), (D) - (III)
- C(A) - (IV), (B) - (II), (C) - (I), (D) - (III)
- D(A) - (III), (B) - (IV), (C) - (I), (D) - (II)
Solution & Step-by-step Explanation
Let's find the correct association for each scenario:Admission of a partner: Requires calculating the Sacrificing Ratio (II) to distribute incoming premium for goodwill.Retirement of a partner: Remaining partners absorb share, requiring the calculation of the Gaining Ratio (IV).Death of a partner: The deceased partner's settlement capital balance is legally transferred to their legal heir's Executor Account (I).Dissolution of a firm: Accounts are closed down completely via a Realisation Account (III).Matching order: (A) - (II), (B) - (IV), (C) - (I), (D) - (III).