List of top Accountancy Questions

Hari, Chander, Prakash and Govind were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 1 : 1. On 1st April, 2024, Hari retired and his share was acquired equally by Chander, Prakash and Govind. The new profit sharing ratio of Chander, Prakash and Govind will be:

On 1st April, 2023, Mudra Ltd. issued 9,000, 12% Debentures of 100 each at 10% premium, redeemable at a premium of 10% after 4 years. The interest due on debentures for the year ended 31^st March, 2024 was:

Saloni and Mohini were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2024, Saloni’s capital was 1,50,000. During the year, she withdrew 10,000 and introduced additional capital of 32,000. For the year ended 31^st March, 2024, the firm earned a profit of 50,000. Saloni’s capital as on 1^st April, 2023, was:

Which of the following will result in dissolution of a partnership firm?

Which of the following will not result in compulsory dissolution of a partnership firm?

Usha and Mohak were partners in a firm. Usha withdrew a fixed amount at the end of every half-year for the year ended 31st March, 2024. Interest on drawings is charged at 9% p.a. Interest on Usha’s drawings will be charged for months.

Dev, Bhudev and Shamdev were partners in a firm sharing profits equally. On 31st March, 2024, their firm was dissolved. On this date the bank account showed a credit balance of 10,000 and there was a debit balance of 15,000 in the cash account. All payments were settled by cheque. Ravi, a creditor of 2,000 was not having any bank account, therefore he was paid in cash. Afterwards the cash account was closed by depositing the balance of cash into the bank. The journal entry for closing cash account will be:

Sandhya and Suman were partners in a firm sharing profits and losses in the ratio of 3 : 5. They decided to dissolve the firm on 31st March, 2024. On the date of dissolution, the Balance Sheet of the firm showed a balance of 80,000 in sundry debtors and a balance of 5,000 in provision for bad debts account. How much amount will be transferred to Realisation Account to close Sundry Debtors Account?

On 1st October, 2024, Nirmal Ltd. issued 6,000, 11% Debentures of 100 each at a premium of 10%, redeemable at a premium of 10%. ‘Loss on Issue of Debentures’ will be:

Raman Ltd. forfeited 500 shares of 10 each for non-payment of final call of 2 per share. Out of the forfeited shares, 300 shares were re-issued at 12 per share fully paid-up. The amount that was transferred to Capital Reserve Account was:

Akshay, Reet and Manya were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided that in future, they will share the profits and losses in the ratio of 2 : 4 : 3. Identify the gain or sacrifice by the partners due to change in the profit sharing ratio from the following:

Nandan and Abhinandan were partners in a firm. They admitted Govindan as a new partner for \( \frac{1}{3}^{\text{rd}} \) share in the profits. On Govindan’s admission, the Balance Sheet of the firm showed sundry debtors at 3,00,000 and a provision for bad debts at 24,000. It was decided to maintain the provision for bad debts at 10% of the debtors. Which of the following journal entries will show the correct accounting treatment for the above transactions?

Pooja and Kumari were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1st April, 2023, Noori was admitted for a new partner \( \frac{1}{4} \) share in the profits of the firm. Noori was guaranteed a minimum profit of 1,20,000. Any deficiency on this account was to be borne by Pooja and Kumari in their profit sharing ratio. During the year ended 31^st March, 2024, the firm earned a net profit of 3,60,000. The amount of deficiency borne by Pooja will be:

State the steps to import data from a text file.

With the help of an example explain sequential code and block code.

‘A business data needs to be guarded from its competitors.’ Explain which features of Computerised Accounting System help a business to maintain its secrecy.

Explain the following:
(i) Memo Voucher
(ii) Post-dated Voucher
(iii) User Defined Voucher

Explain ‘Generic’ and ‘Customised’ accounting software.

How is navigation conducted from first to last cell in a cluster of data in a column by skipping all the cells in between?

Individual values represented by bars, columns, lines, pie or various forms plotted on a chart are known as:

MS Excel considers which of the following group of mathematical operations to be of equal importance?

Computerised Accounting System rests on Five Pillars: Data, People, Procedure and _____, _____.
Identify the blank pillars from the following:

From the following information extracted from the books of Kant Ltd., calculate ‘Cash Flows from Operating Activities’.