List of top Accountancy Questions

The partnership deed should be prepared as per the provisions of which of the following Acts ?
Paratigm Ltd. issued 40,000, 11% debentures of \(₹100\) each at a discount of 5%, redeemable at a premium. On issue of these debentures ‘Loss on Issue of Debentures Account’ was debited with \(₹4,00,000\). The amount of premium on redemption of debentures was :
On the dissolution of the partnership firm of Raman, Hari and Suresh, realisation expenses \(₹17,000\) were paid by a debtor of \(₹75,000\) on behalf of the firm. The remaining amount was received from him along with interest of \(₹2,000\) for delayed payment. Realisation Account will be ___________ by ___________.
On 1stApril, 2023, Viya Ltd. issued 20,000, 10% debentures of ₹ 100 each at a premium of 10%. The total amount of interest on debentures for the year ended 31stMarch, 2024 will be :
Sudha, a partner withdrew \(₹12,000\) on 31stOctober, 2023 for her personal use. Interest on drawings is charged @ 6% p.a. The interest on Sudha’s drawings for the year ended 31stMarch, 2024 will be :
Radhya Ltd. issued 5,000, 9% debentures of ₹ 100 each at ₹ 97 per debenture. The 9% debentures account will be credited by :
Manoj, Dilip and Rajinder were partners in a firm sharing profits and losses in the ratio of 7 : 3 : 5. Their fixed capitals were \(₹10,00,000\), \(₹8,00,000\) and \(₹6,00,000\), respectively. The partnership deed provided for interest on partners’ drawings @ 12% p.a. Which of the following accounts will be debited for charging interest on partners’ drawings ?
John and Harry were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1stApril, 2023, they admitted Dinesh as a new partner for \(\frac{1}{4}\) share in the profits of the firm with a guarantee that his share in the profits shall be at least \(₹1,00,000\). The net profit of the firm for the year ended 31stMarch, 2024 was \(₹2,80,000\). John’s share in the profits of the firm after giving the guaranteed amount of profit to Dinesh will be :
The debentures that can be transferred by way of delivery and the company does not keep any record of the debenture holders are called :
Meeta Ltd. invited applications for issuing 30,000 equity shares of \(₹10\) each. Applications for 29,500 shares were received. Allotment was made in full. A shareholder holding 100 shares failed to pay the first call of \(₹2\) per share. His shares were forfeited. The second call of \(₹3\) per share was not yet made. The amount debited to share capital account, on the forfeiture of shares will be :
Sun and Moon were partners in a firm sharing profits and losses equally. Their fixed capitals were \(₹5,00,000\) each. After the accounts for the year ended 31stMarch, 2024 were prepared, it was discovered that interest on capital @ 10% p.a. was not credited to the partners’ current accounts as provided in the partnership deed.
The rectifying adjustment entry for the same will be :
Particulars Debit Amount (₹)Credit Amount (₹)
(A) No Entry  
(B) Sun’s Current A/c Dr.
     To Moon’s Current A/c		50,00050,000
(C) Moon’s Current A/c Dr.
     To Sun’s Current A/c		50,00050,000
(D) Sun’s Current A/c Dr.
Moon’s Current A/c Dr.
     To Profit and Loss Appropriation A/c		50,000
50,000		1,00,000
Jeeta Ltd. forfeited 300 shares of \(₹100\) each for the non-payment of final call of \(₹10\) per share. The amount credited to share forfeiture account will be :
Rani, Maharani and Laxmi were partners in a firm sharing profits and losses in the ratio of 3 : 3 : 2. On 1stApril, 2024 they admitted Reena as a new partner for \( \frac{1}{5} \) share in the profits of the firm. Reena acquired her share from Rani and Maharani in the ratio of 3 : 2. The new profit sharing ratio between Rani, Maharani, Laxmi and Reena will be :
Ravita, Savita, Kavita and Babita were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2 : 2. On 1stApril, 2024 Savita retired and her share was acquired equally by the remaining partners. The new profit sharing ratio between Ravita, Kavita and Babita will be :
On dissolution of a firm, there was an unrecorded asset of \(₹15,000\) which was taken over by a partner at \(₹13,000\). Partner’s capital account will be debited by :
There are two statements Assertion (A) and Reason (R) :
Assertion (A) : The partners’ fixed capital accounts always show a credit balance, which shall remain the same (fixed) year after year unless there is any addition or withdrawal of capital.
Reason (R) : When capitals are fixed, then various items like share of profit or loss, interest on capital, drawings, interest on drawings, etc. are recorded in partners’ capital accounts.
Choose the correct option from the following :

Following is the extract of the Balance Sheet of Sankalp Ltd. as per Schedule III, Part I of the Companies Act, 2013 as at 31st March, 2024 along with the notes to accounts: Balance Sheet of Sankalp Ltd. as at 31st March, 2024 (An extract)}

Particulars31.03.2024 (₹)31.03.2023 (₹)
I – Equity and Liabilities  
1. Shareholders’ Funds  
 (a) Share Capital29,80,00025,00,000

Notes to Accounts as at 31 st March, 2023

Particulars31.03.2023 (₹)
Authorised Capital 
 4,50,000 Equity Shares of ₹10 each		45,00,000
Issued Capital
 2,50,000 Equity Shares of ₹10 each		25,00,000
Subscribed Capital
 Subscribed and fully paid-up
 2,50,000 Equity Shares of ₹10 each		25,00,000
Subscribed but not fully paid-upNIL
Total25,00,000

Notes to Accounts as at 31st March, 2024

Particulars 31.03.2024 (₹)
Authorised Capital
 4,50,000 Equity Shares of ₹10 each		45,00,000
Issued Capital
 3,00,000 Equity Shares of ₹10 each		30,00,000
Subscribed Capital
 Subscribed and fully paid-up
 2,90,000 Equity Shares of ₹10 each		29,00,000
Subscribed but not fully paid-up
 10,000 Equity Shares of ₹10 each fully called-up		1,00,000
Less: Calls-in-Arrears
 10,000 Equity Shares @ ₹2 per share		20,000
Total29,80,000

Answer the following questions:

Manav and Namit were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2024 was as follows:

Liabilities Assets
Capitals: Machinery₹8,00,000
Manav₹4,00,000Investments₹5,00,000
Namit₹6,00,000Debtors₹12,00,000
Bank Overdraft₹9,00,000Stock₹3,00,000
Creditors₹10,00,000Cash in Hand₹1,00,000
Total₹29,00,000Total₹29,00,000

The firm was dissolved on the above date and the following transactions took place: 
[(i)] Stock was given to creditors in full settlement of their account. 
[(ii)] Investments were taken over by Manav at 120% of book value. 
[(iii)] Bad debts amounted to ₹ 2,00,000. 
[(iv)] Machinery was realised at 50% discount. 
[(v)] Realisation expenses amounted to ₹ 1,00,000 which were paid by Namit.
Prepare Realisation Account.

Rishika and Shivika were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows: 
Balance Sheet of Rishika and Shivika as at 31st March, 2024

Liabilities Amount (₹)AssetsAmount (₹)
Capitals:  Equipment45,00,000
 Rishika – ₹30,00,000
 Shivika – ₹20,00,000		50,00,000Investments5,00,000
Shivika’s Husband’s Loan5,00,000Debtors35,00,000
Creditors40,00,000Stock8,00,000
  Cash at Bank2,00,000
Total95,00,000Total95,00,000

The firm was dissolved on the above date and the following transactions took place: 
(i) Equipements were given to creditors in full settlement of their account. 
(ii) Investments were sold at a profit of 20% on its book value. 
(iii) Full amount was collected from debtors. 
(iv) Stock was taken over by Rishika at 50% discount. 
(v) Actual expenses of realisation amounted to ₹ 2,00,000 which were paid by the firm. Prepare Realisation Account.

From the following information of AK Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2024.
What is meant by ‘Pivot Table’? What are its uses?
Vishal and Pulkit were partners in a firm sharing profits and losses in the ratio of 7:3. Following is the extract of their Balance Sheet as on 31st March, 2024. Liabilities: Investment Fluctuation Fund ₹ 5,00,000
Workmen Compensation Fund ₹ 25,00,000 Assets: Investments ₹ 50,00,000 On 1st April, 2024, Tarun was admitted for 1/10 share. (i) Market value of investments ₹ 44,00,000.
(ii) Claim for workmen compensation ₹ 25,00,000. Pass necessary journal entries.
Eklavya, Fateh and Girish entered into a partnership firm on 1st January, 2024 with capitals of \(₹~30,00,000\) each. The partnership deed provided for interest on capital @ 10% per annum. The firm earned a net profit of \(₹~5,25,000\) for the year ended 31st March, 2024. The amount of profit transferred to Eklavya’s capital account was:
Calculate the amount of Opening Trade Receivables and Closing Trade Receivables from the following information:
Trade Receivables Turnover Ratio = 5 times
Cost of Revenue from Operations = ₹ 8,00,000
Gross Profit Ratio = 20%
Closing Trade Receivables were ₹ 40,000 more than Opening
Cash Sales = \( \frac{1}{4} \) of Credit Sales

From the following information, prepare a Common Size Statement of Profit and Loss of Beatnik Ltd. for the year ended 31st March 2024.

Particulars 2023–24 (₹)2022–23 (₹)
Revenue from Operations80,00,00040,00,000
Purchase of Stock in Trade8,00,0004,00,000
Other Expenses80,00040,000