Question

Match List-I with List-II

List-I	List-II
(A) Intangible assets should be written off as early as possible but not exceeding its estimated life in ......... years	(I) 4
(B) AS ..... deals with intangible assets	(II) 10
(C) In the absence of any agreement, Section ...... of the Indian Partnership Act, 1932 is applicable, which states that the retiring partner has an option to receive either interest @ 6% p.a. till the date of payment or such share of profits which has been earned with his/her money (i.e., based on capital ratio).	(III) 26
(D) Section ...... of the Indian Partnership Act 1932 defines partnership.	(IV) 37

Choose the correct answer from the options given below:

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

Hint:

Recall AS 26, Section 4 and Section 37 of the Partnership Act, and the 10 year limit.

Answer 1

The Correct Option is B

Step 1: Approach:
Start from the item that is easiest to fix. AS 26 is the standard for intangible assets, so (B) is (III).

Step 2: Use the section numbers:
The rule about an outgoing partner's interest at 6% or a share of profit is Section 37. The definition of partnership is Section 4. So (C) is (IV) and (D) is (I).

Step 3: Left over pair:
Only 10 is left, and it fits (A): the 10 year limit for writing off intangible assets.

Step 4: Read the result:
We have A-II, B-III, C-IV, D-I. Only option 2 shows this set. The other three options each put a wrong number against (A), so they fail at once.

Final Answer:
Option 2 is the only set matching all four pairs. \[ \boxed{2} \]