List of top Accountancy Questions

P, Q, and R are partners in a firm sharing profits and losses in the ratio of \(3:2:1\). R retires and the balance in his capital A/c after making necessary adjustments works out to be \(₹\ 60,000\). However P and Q agreed to pay him \(₹\ 75,000\) in full settlement of his claim. Then the amount to be debited to P's capital A/c would be: 

Reconstitution of Partnership means :
A. Change in Profit Sharing Ratio among existing partners
B. Dissolution of Partnership firm
C. Retirement of Partner
D. Admission of Partner
E. Death of Partner
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Match List I with List II

List I		List II
A.	Operating Activities	I.	Depreciation
B.	Investing Activities	II.	Cash Paid to Supplier
C.	Financing Activities	III.	Sale of Land
D.	Non Cash item	IV.	Increase in Share Capital

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Match List I with List II

List I		List II
A.	Liquidity Ratio	I.	Propnetary Ratio
B.	Solvency Ratio	II.	Trade Reservable turnover Ratio
C.	Activity Ratio	III.	Operating Ratio
D.	Profitability Ratio	IV.	Current Ratio

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The sum due to the retiring Partners includes :-
A. Share of remaining partners goodwill.
B. Credit balance of his capital Account.
C. His share of accumulated profits.
D. His share of Goodwill.
E. Cash brought in by remaining partners for adjustment of capital.
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Match List I with List II

List I Formula		List II Term/Item
A.	Current liiabilities - working capital	I.	Capital Employed
B.	Shareholders Fund - Debts	II.	Operating Cost
C.	Operating Expenses - Cost of Revenue from operation	III.	Current Assets
D.	Net Profit - Non Operating Expenses (-) Non Operating Inccentive	IV.	Operating Profit

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Non current Assets includes -
A. Capital work-in-Progress
B. Deferred tax Assets (net)
C. Loose tools
D. Railway slidings
E. Inventory
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Match List I with List II

List I		List II
A.	Super Profit	I.	Actual Average Profit - Normal Profit
B.	Normal Profit	II.	Super Profit × \(\frac{100}{\text{Normal rate of return}}\)
C.	Goodwill	III.	Total Assets - Outside Liabilities
D.	Capital Employed	IV.	\(\frac{\text{Capital Employed × Normal Rate of Return }}{100}\)

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Debenture Redemption Reserve is created by:-
A. Service Sector Company
B. Manufacturing Company
C. Banking Company
D. Automobile Company
E. NFBC's registered with RBI
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As per AS 3 (Revised) while preparing cash flow statement the correct sequence to be followed is
A. Calculation of Cash flow from Financing Activities
B. Calculation of cash flow from Operating Activities
C. Calculation of cash flow from Investing Activities
D. Calculation of net changes in cash and cash equivalents during the year
E. Calculation of net profit before tax and extra-ordinary items
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on dissolution of partnership firm, unrecorded assets when taken over by a partner are shown in :

Satish was appointed to look after the dissolution work for which he was allowed a remuneration of ₹ 14,000. He agreed to take over the investment of the book value of ₹ 11,000 towards payment of his full remuneration. (Investments have already been transferred to Realisation A/c) Joumalize.

Match LIST I with LIST II

LIST I		LIST II
A	Liquidity Ratio	I	To check ability to meet long term contractual obligations
B	Solvency Ratio	II	To analyse the earning capacity of Business
C	Activity Ratio	III	To measure the short term Solvency
D	Profitability Ratio	IV	To measure the speed at which the activities of the business are being performed

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At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transferred to:

Arrange the following steps in correct order for calculation of Proportionate Capital of New Partner.
(A) Balancing the capital account of old partners 
(B) Calculation of Gain/Loss on Revaluation and transferring to Capital Account 
(C) Transferring Accumulated Profit to Capital account 
(D) Calculation of Proportionate Capital for New Partner 
(E) Adjustment for Goodwill in Partner's capital account 
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Match LIST I with LIST II

LIST I		LIST II
A	Goodwill written off	I	Credit side of Profit and Loss A/c
B	Partner's Salary	II	Debit side of Partner's Capital A/c
C	Bad Debts Recovered	III	Debit side of Profit and Loss A/c
D	Manager's Commission	IV	Credit side of Partner's Capital A/c

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Ninza Ltd. forfeited \(1,200\) shares of \(₹ 10\) each, on which \(₹ 8 \) per share as called up and \(₹ 6\) per share was paid up. The amount with which share Capital Account will be debited at the time of forfeiture of Share will be:

Y and Z are partners in a firm. If W is admitted as a new partner, what will happen?

Which of the following items will be recorded in Revaluation A/c.
(A) Capital brought in by New partner 
(B) Plant is to depreciated by \( 20\% \)
(C) \(60,000\) brought in by new Partner for Goodwill 
(D) Stock overvalued by \( 5,000 \)
(E) Unrecorded creditors to the extent of \(₹ 1,500 \)
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Reserves and Surplus includes:
(A) Statement of Profits and Loss (Credit Balance) 
(B) Reserve Capital 
(C) Securities Premium Reserve 
(D) Capital Redemption Reserve 
(E) Share Application Money Pending Allotment 
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Arrange the following items in Correct order as per the Statement of Profit and Loss of a Company.
(A) Employee Benefit Expenses
(B)Finance Costs
(C) Depreciation and Amortisation
(D) Purchase of Stock in Trade
(E)Exceptional Items
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The correct order of items in the Cash Flow Statement should be:
(A) Calculate Net Profit before Tax and Extraordinary items 
(B) Cash generated from operation 
(C) Net profit as per Balance sheet 
(D) Cash flow from Operating Activities 
(E) Calculating Operating Profit before working Capital Changes
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Hem and Nem are partners in a firm Sharing Profits in the ratio of \( 3: 2\). Their Capitals were \(₹ 80,000\) and \(₹ 50,000\) respectively. They admitted Sam for \(\frac{1}{5}\) share and he brought \(₹ 60,000 \) as his Capital. Goodwill of the firm will be: 

Cash flow from Financing Activities includes:
(A) Issue of Equity shares to promoters 
(B) Redemption of Preference shares at premium 
(C) Interest on debenture paid 
(D) Raising funds by issuing 9% Debentures 
(E) Payment for purchase of Equity shares 
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Match LIST I with LIST II

LIST I		LIST II
A	Proceeds from Long term borrowings	I	Marketable Securities
B	Purchase of Raw Materials	II	Investing Activities
C	Purchase of New Equipments	III	Operating Activities
D	Purchase of New Equipments	IV	Financing Activities

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