List of top Accountancy Questions

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

PQ Ltd. invited applications for issuing 6,000, 11% debentures of ₹ 100 each at a premium of ₹ 10 per debenture. The amount was payable as follows:
On Application – ₹ 30 per debenture
On Allotment – ₹ 80 per debenture (including premium)
The debentures were fully subscribed and all money was duly received. Pass necessary journal entries for the above transactions in the books of PQ Ltd.

Asit, Sonu and Hina were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Asit retired and the balance in his capital account after making necessary adjustments on account of reserves and revaluation of assets and liabilities was ₹ 40,00,000. Sonu and Hina agreed to pay him ₹ 45,00,000 in full settlement of his claim. The value of goodwill of the firm was:

State the steps to be followed to copy or import the data into required cells of Excel worksheet.

Elvis, Finch and Gordon entered into a partnership on 1st July, 2023 with capitals of \(₹~20,00,000\) each. The partnership deed provided for interest on capital @ 10% per annum. The firm earned a net profit of \(₹~13,50,000\) for the year ended 31st March, 2024. The amount of profit transferred to Elvis’s capital account was:

Sudhir and Balbir were partners in a firm sharing profits and losses in the ratio of 5 : 4. The following is the extract of their Balance Sheet as at 31st March, 2024:
Balance Sheet of Sudhir and Balbir as at 31\textsuperscript{st March, 2024}

Liabilities	Amount (₹)	Assets	Amount (₹)
Investment Fluctuation Fund	15,00,000	Investments	75,00,000
Workmen Compensation Fund	50,00,000

On 1st April, 2024, Sushant was admitted as a new partner for \(\frac{1}{9}\)th share in the profits of the firm on the following terms:
(i) Market value of investments was ₹ 60,00,000.
(ii) Claim on account of Workmen Compensation was estimated at ₹ 41,00,000.
Pass necessary journal entries for treatment of Investment Fluctuation Fund and Workmen Compensation Fund on the date of Sushant’s admission.

Nishu, Rishu and Kishu were partners in a firm sharing profits and losses in the ratio of 8 : 7 : 5. They decided to share future profits and losses in the ratio of 5 : 8 : 7 with effect from 1st April, 2024. Their Balance Sheet as at 31st March, 2024 showed :
General Reserve ₹ 10,00,000.
Debit Balance of ₹ 2,00,000 in Profit and Loss Account.
Goodwill of the firm was valued at ₹ 20,00,000 and revaluation of assets and liabilities resulted in a profit of ₹ 7,00,000. The partners did not want to distribute the General Reserve and the balance of Profit and Loss Account. They also decided that revalued values of assets and liabilities were not to be recorded in the books. Pass a single adjustment entry to give effect to the above. Show your workings clearly.

List eight uses of accounting softwares.

Rajat and Samar were partners in a firm sharing profits and losses in the ratio of 5 : 3. Tarun was admitted as a new partner for \( \frac{2}{5} \) share in the profits of the firm. Tarun brought \(₹~5,00,000\) as his share of capital and \(₹~3,00,000\) as his share of goodwill premium. The value of goodwill of the firm was:

Shivalik Ltd. issued 7% debentures of ₹ 100 each at a discount of 5% on 1st April, 2023. Discount on issue of debentures, ₹ 1,00,000 was completely written off through Statement of Profit and Loss on 31st March, 2024. On issue of debentures, \textquote{Debentures Account} was credited with __________________.

What is the activity sequence of the basic information processing model?

Absence of data item is represented by a special value i.e.:

Differentiate between tailored and specific softwares on any three basis.

It is a widely accepted security control. It uses binary coding format of storage to offer access to database. It is known as:

The code that enables identification of missing documents is:

What are the different phases of accounting cycle which can be processed through the use of computers?

Write the advantages of using Graphs.

Which of the following statements is correct?

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

Statement of Profit Elements

Particulars	Amount (₹)
Revenue from Operations	20,00,000
Other Income	5,00,000
Cost of Materials Consumed	12,00,000
Employee Benefit Expenses	6,00,000
Depreciation	2,00,000

From the following information, calculate Interest Coverage Ratio:

Financial Information

Particulars	Amount (₹)
Profit after Tax	6,30,000
Tax Rate	30%
15% Debentures	20,00,000
Equity Share Capital	10,00,000

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013:
(a) Prepaid expenses
(b) Capital Work-in-Progress
(c) Interest accrued and due on debentures

Which of the following is not contained on formula tab on Excel ribbon?

textquote{LABELS} in Excel means: