List of top Accountancy Questions

Assertion (A): The maximum number of partners in a partnership firm is 50.
Reason (R): By virtue of the Companies Act 2013, the Central Government is empowered to prescribe maximum number of partners in a firm. The Central Government has prescribed the maximum number of partners in a firm to be 50.
Choose the correct option from the following:

Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of ₹ 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of ₹ 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan’s loan Bank Account will be credited with:

Ajay Ltd. forfeited 100 shares of ₹ 10 each for non-payment of first call of ₹ 1 per share and second and final call of ₹ 3 per share. The minimum price per share at which these shares can be reissued will be:

Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as:

The following journal entry appears in the books of Latvion Ltd.:

Date	Particulars	Dr. Amount (₹)	Cr. Amount (₹)
	Bank A/c	4,75,000
	Loss on issue of debentures A/c	75,000
	To 12% Debentures A/c		5,00,000
	To Premium on Redemption of Debentures A/c		50,000

The discount on issue of debentures is:

Suhas and Vilas were partners in a firm with capitals of ₹ 4,00,000 and ₹ 3,00,000 respectively. They admitted Prabhas as a new partner for \( \frac{1}{5} \) share in future profits. Prabhas brought ₹ 2,00,000 as his capital.
Prabhas’ share of goodwill will be:

Radhika, Mehar and Shubha were partners in a firm sharing profits and losses in the ratio of 9 : 8 : 7. If Radhika’s share of profit at the end of the year amounted to ₹ 5,40,000, Shubha’s share of profit will be:

Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Maddy for \( \frac{1}{4} \) share in future profits. Maddy brought ₹ 8,00,000 as his capital and ₹ 4,00,000 as his share of premium for goodwill. Kajal, Laura and Maddy decided to share profits in future in the ratio of 2 : 1 : 1. After all adjustments in respect of goodwill, revaluation of assets and liabilities etc. Kajal’s capital was ₹ 15,00,000 and Laura’s capital was ₹ 8,00,000. It was agreed that partners’ capitals should be in proportion to their new profit sharing ratio. The cash brought in to adjust the capital was made by bringing in or withdrawing the necessary cash as the case may be. The cash brought in by Kajal was:

Akhil, Bajrang and Chinmay were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. Dilawar was admitted as a new partner in the firm. Dilawar acquired his \( \frac{1}{10} \) share from Akhil and \( \frac{2}{10} \) from Bajrang.
Dilawar was admitted for which of the following share in the profits of the firm?

Ekta, Faguni and Garima were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 1. Faguni was guaranteed ₹ 25,000 as her share of profit in the firm. Any deficiency arising on that account was to be met by Ekta. The firm earned a profit of ₹ 90,000 for the year ended 31st March, 2024.
The profit credited to Faguni’s capital account was:

On 1st April 2023, Veebee Ltd. issued 20,000, 13% debentures of \( ₹ 100 \) each at a discount of 10% redeemable at a premium of 5% after 4 years. Total amount of interest on debentures for the year ending 31st March, 2024 will be :

The following journal entry appears in the books of Latvion Ltd. :

The discount on issue of debentures is :

Apoorv Ltd. acquired building worth Rs 15,50,000, Machinery worth Rs 11,40,000 and Furniture worth Rs 1,10,000 from Dhruv Ltd. and took over its liabilities of Rs 2,00,000 for a purchase consideration of Rs 25,00,000. Apoorv Ltd. paid the purchase consideration by issuing 12% debentures of Rs 100 each at a premium of 25%.
Pass the necessary journal entries in the books of Apoorv Ltd. for the above transactions.

Preet and Saral were partners sharing profits and losses in the ratio of 3:2. On 31st March, 2024 they decided to change their profit sharing ratio to 1:1. On the date of reconstitution goodwill of the firm was valued at Rs 1,00,000. The journal entry for treatment of goodwill on account of change in profit-sharing ratio will be:

Pulkit and Ravinder were partners in a firm sharing profits and losses in the ratio of 3 : 2. Sikander was admitted as a new partner for \( \frac{1}{5} \)th share in the profits of the firm. Pulkit, Ravinder and Sikander decided to share future profits in the ratio of 2 : 2 : 1. Sikander brought Rs 5,00,000 as his capital and Rs 10,00,000 as his share of premium for goodwill. The amount of premium for goodwill that will be credited to the old partners' capital accounts will be :

A, B, and C were partners in a partnership firm sharing profits in the ratio 5:3:2. B retires and the new profit-sharing ratio between A and C is 3:2. Calculate the gaining ratio of A and C.

Radhika, Mehar, and Shubha were partners in a firm sharing profits and losses in the ratio of 9:8:7. If Radhika's share of profit at the end of the year amounted to Rs 5,40,000, Shubha's share of profit will be:

Suhas and Vilas were partners in a firm with capitals of Rs 4,00,000 and Rs 3,00,000 respectively. They admitted Prabhas as a new partner for \( \frac{1}{5} \)th share in future profits. Prabhas brought Rs 2,00,000 as his capital. Prabhas' share of goodwill will be :

Ridyum Limited issued 5,000, 9\% debentures of Rs 500 each at a premium of 10\%. The amount was payable as follows:
On Application - Rs 200 per debenture
On Allotment – Balance (including premium)
The debentures were fully subscribed and all amounts were duly received. Pass the necessary journal entries for issue of debentures in the books of Ridyum Limited.

The following information has been extracted from the books of Ram Lal Ltd.:

Comparative Financial Data as on 31^st March, 2024 and 2023

Particulars	31.03.2024 (₹)	31.03.2023 (₹)
Surplus (P&L)	17,00,000	8,00,000
Patents	--	50,000
Sundry Debtors	5,80,000	4,20,000
Sundry Creditors	1,40,000	60,000
Cash and Cash Equivalents	2,00,000	90,000

Additional Information: Interim dividend paid during the year was \textrupee{ 1,20,000}.

From the following information obtained from the books of KVK Ltd., calculate Net Assets Turnover Ratio and Debt Equity Ratio:

Information Table

Information	Amount (₹)
Preference Share Capital	8,00,000
Equity Share Capital	12,00,000
General Reserve	2,00,000
Balance in Statement of Profit and Loss	6,00,000
15% Debentures	4,00,000
12% Loan	4,00,000
Revenue from Operations	72,00,000

Kishore and Ranjan were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1stApril, 2024, their Balance Sheet was as follows :
Balance Sheet of Kishore and Ranjan as at 1stApril, 2024

Liabilities	Amount (₹)	Assets	Amount (₹)
Sundry Creditors	1,80,000	Cash in hand	30,000
General Reserve	20,000	Debtors	1,20,000
Capitals:	Kishore – 6,00,000	Stock	1,50,000
Capitals:	Ranjan – 4,00,000	Furniture	1,00,000
		Land and Building	8,00,000
Total	12,00,000	Total	12,00,000

On the above date, Singh was admitted as a new partner on the following terms :
(i) Singh will bring \(₹1,50,000\) as his capital and \(₹50,000\) as his share of goodwill premium.
(ii) The value of stock will be reduced by 10% and Land and Building will be appreciated by 10%.
(iii) Furniture will be revalued at \(₹90,000\).
(iv) A provision for doubtful debts will be created on sundry debtors at 5%.
(v) Investments worth \(₹10,000\) not mentioned in the Balance Sheet will be taken into account.
(vi) A creditor of \(₹1,000\) is not likely to claim his money and is to be written off.
Pass necessary journal entries for the above transactions in the books of the firm on Singh's admission.

\(\textit{Statement I:}\) In case of non-financial enterprises, payment of interest and dividends are classified as financing activities, whereas receipt of interest and dividends are classified as investing activities.
\(\textit{Statement II:}\) Investing and financing transactions that require the use of cash or cash equivalents, should be excluded from cash flow statement.
Choose the correct alternative from the following:

From the following Balance Sheet of Nayak Ltd., prepare a Comparative Balance Sheet as at 31stMarch, 2024.

‘MAJN’ for Mangaluru Junction is an example of: