List of top Accountancy Questions

In case the total cost of a machine less installation charges is greater than Rs 2,00,000, then 20% depreciation is charged, and if total cost of the machine is less than Rs 2,00,000 then 10% depreciation is charged.
Write the steps to create the 'IF' function using the Formula tab and dialogue box on a given spreadsheet. Also, write the syntax of the result.
Which of the following is a part of Asset group 'Current Assets' in account group of Assets?
To see all available shape styles which of the following button is clicked ?
Name the error which occurs when Excel doesn't recognize a Text formula. Give any two solutions to correct it.
State the advantages of 'Pivot Table' report.
Null value is the special value which represents :
Explain the 'ROUND' function in Excel.
What is data formatting? What tools are used to format data ?
The software of computerised accounting system can be used for any size of business and type of organization as it enables changing the volume of data processing in tune with the change in the size of business. Which feature of Computerised Accounting System is being highlighted in above lines?
From the following information, calculate opening and closing inventory:
Gross Profit Ratio - 25%
Revenue from operations - Rs 8,00,000
Inventory turnover ratio - 4 times
Opening inventory was 2 times of the closing inventory.
In case the total cost of a machine, less installation charges, is greater than Rs 2,00,000, then 20% depreciation is charged, and if the total cost of the machine is less than Rs 2,00,000, then 10% depreciation is charged.
Write the steps to create an 'IF' function using the Formula tab and dialogue box on a given spreadsheet. Also, write the syntax of the result.
From the following information, calculate Opening Trade Receivables and Closing Trade Receivables :
Trade Receivables Turnover Ratio - 4 times
Closing Trade Receivables were Rs 20,000 more than that in the beginning.
Cost of Revenue from operations - Rs 6,40,000.
Cash Revenue from operations \( \frac{1}{3} \)rd of Credit Revenue from operations
Gross Profit Ratio - 20\%
A piece of information shown in a graph which is assigned to the data series is known as :
On 31st March, 2024 following is the Balance Sheet of Bhavik Limited :
Bhavik Ltd.
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\includegraphics[scale=0.7]{3.png}
Additional Information :
(i) During the year a piece of machinery costing Rs 8,00,000 accumulated depreciation thereon Rs 50,000 was sold for Rs 6,50,000
(ii) Debentures were redeemed on 31-03-2024.
Calculate:
(a) Cash flows from Investing Activities
(b) Cash flows from Financing Activities
From the following information, prepare a Comparative Statement of Profit and Loss of Smart Ltd. :
\begin{tabular}{|l|r|r|} \hline Particulars & 2023-24 (Rs) & 2022-23 (Rs)
\hline Revenue from operations & 24,00,000 & 20,00,000
Cost of materials consumed & 6,00,000 & 4,00,000
Employee benefit expenses & 4,00,000 & 2,00,000
Tax Rate 50\% & &
\hline \end{tabular}
Short-term highly liquid investments qualify as cash equivalents if they are realisable into known amounts of cash from the date of acquisition within a period of :
In 'Common size income statement' each item is expressed as a percentage of ____
Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013:
_____ is not a tool of 'Analysis of Financial Statements'.
Which of the following item is not included in cash and cash equivalents ?
Statement-I : Snow Limited earned a profit of Rs 2,00,000 after charging depreciation of Rs 50,000 on machinery. So, operating profit before working capital changes would be Rs 2,50,000.
Statement-II : Depreciation is added back to net profit as it does not result in any cash flow.
Choose the correct option from the following:
Bittu and Chintu were partners in a firm sharing profit and losses in the ratio of 4 : 3. Their Balance Sheet as at 31st March, 2024 was as follows:
% [Balance Sheet Table - Simplified representation below] % Liabilities: Capitals (B:8L, C:6L) = 14L; General Reserve = 2.1L; Creditors = 4.9L; Total = 21L % Assets: Fixed Assets = 15.4L; Stock = 3.5L; Debtors = 1.4L; Bank = 0.7L; Total = 21L Liabilities: Capitals (Bittu:8L, Chintu:6L) 14L, General Reserve 2.1L, Creditors 4.9L. Total 21L.
Assets: Fixed Assets 15.4L, Stock 3.5L, Debtors 1.4L, Bank 0.7L. Total 21L.
On 1st April, 2024, Diya was admitted in the firm for \( \frac{1{7} \)th share in the profits on the following terms:
Pass the necessary journal entries for forfeiture and reissue of shares in the following cases:
(i) Premier Ltd. forfeited 600 shares of Rs 10 each issued at a premium of Rs 3 per share (payable with allotment) for non-payment of allotment money of Rs 7 per share including premium. The first and final call of Rs 3 per share was not yet made. The forfeited shares were reissued at Rs 13 per share fully paid up.
(ii) Risha Ltd. forfeited 1000 shares of Rs 10 each, Rs 8 per share called up issued at a premium of Rs 2 per share to Atul, for non-payment of allotment money of Rs 6 per share (including premium). Out of these, 800 shares were reissued at Rs 7 per share, Rs 8 paid up.
Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at 31st March, 2024 along with Notes to accounts:
% [Balance Sheet Extract & Notes shown in Question] Notes to accounts' as at 31st March, 2023 \& 2024 show changes in Share Capital.
Analysis from Notes:
As at 31-3-2023: Issued \& Subscribed Capital: 5,00,000 equity shares of Rs 10 each, fully paid up = Rs 50,00,000.
As at 31-3-2024: Issued Capital: 6,00,000 equity shares of Rs 10 each. Subscribed: 5,80,000 shares fully paid up (Rs 58,00,000) + 20,000 shares fully called up (Rs 2,00,000) less Calls in Arrears (Rs 40,000 on 20,000 shares @ Rs 2) = Rs 1,60,000. Total Subscribed = Rs 59,60,000.
Answer the following questions :
(i) The total face value of equity shares issued during the year 2023-2024 was:
Alexia Limited invited applications for issuing 1,00,000 equity shares of Rs 10 each at premium of Rs 10 per share. The amount was payable as follows:
On application Rs 9 per share (Including premium Rs 6 per share)
On allotment Rs 8 per share (Including premium Rs 4 per share)
On first and final call Rs 3 per share.
Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:
Category A: Applicants for 90,000 shares were allotted 70,000 shares.
Category B: Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call. Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B. Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.