At the year end, first the Profit and Loss A/c is prepared to determine net profit (B). Then the Profit and Loss Appropriation/Adjustment A/c distributes profit among partners (C). Then partners' Capital Accounts are updated (A). Finally the Balance Sheet is prepared (D). Correct sequence: B, C, A, D.
Note: We have interpreted 'Profit and Loss Adjustment A/c' in the question as Profit and Loss Appropriation A/c, which is the statement normally prepared in this sequence for a partnership firm.
Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year. A. Capital Accounts B. Profit and…
CUET UG 2022 — Accountancy Partnership
2022mcqmedium
Choose the correct sequence of financial statements prepared for a partnership firm at the end of a financial year.
A. Capital Accounts
B. Profit and Loss A/c
C. Profit and Loss Adjustment A/c
D. Balance Sheet
Choose the correct answer from the options given below:
Official previous-year question
Held on 16 Jul 2022 · Verified 13 Jul 2026.
Options
- A
A, B, C, D
- B
B, C, D, A
- C
B, A, C, D
- D
B, C, A, D
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