List of top Accountancy Questions

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

Arrange the following statements in proper sequence in context of admission of partner.
A. Finalising terms for admission of new partner
B. Calculation of sacrificing/ gaining ratio
C. Finalising balance in partner's capital A/c
D. Calculation of new profit sharing ratio
E. Valuation and adjustment of goodwill
Choose the correct answer from the options given below:

Select out of the following that is not considered as one of the modes of reconstitution of a partnership firm.

Salary of a partner is shown in

The content of Partnership deed includes:
A. Name and address of all partners
B. Method of settlement of disputes among partners
C. Deed once made cannot be altered
D. Rules regarding operation of Bank account
E. Verbal agreement between partners is considered as deed
Choose the correct answer from the options given below:

Identify that will lead to dissolution of partnership

Arrange the following in the context of dissolution of partnership firm.
A. Payment of loan from Partners
B. Payment of secured outsider's liabilities
C. Realisation of assets into cash
D. Settlement of partner's capital
E. Payment of unsecured outsider's liability
Choose the correct answer from the options given below:

Arrange the following in the context of Cash Flow Statement
A. Calculation of cash flow from Operating Activities
B. Calculation of cash flow from Financing Activities
C. Calculations of net increase/decrease in cash and cash equivalent during the year
D. Calculation of cash flow from Investing Activities
E. Calculation of net profit before tax and extraordinary item
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Particulars	Amount (₹)
Inventory at the beginning	40,000
Credit Purchase	1,60,000
Inventory at the end	38,000
Trade payable at the beginning	14,000
Trade payable at the end	14,500

Cash paid for inventory is:

Identify the way by which the clauses of partnership deed can be altered.

In the absence of partnership agreement, mutual relations of partners are governed by the ________

Arrange the following in the context of Accounting for partnership.
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :

The process of receiving minimum subscription of 90% of the entire issue must be completed within _____ days from date of issue of prospectus

Select the conditions required for computing interest on drawings using average period method:
A. Equal amount of drawings
B. Fixed interval of drawings
C. Varying amounts of drawings
D. Different interval of drawings
E. Rate of Interest
Choose the correct answer from the options given below:

Which of the following items are part of Intangible non current Assets:
A. Patents
B. Furniture
C. Statement of Profit & Loss A/c (Dr)
D. Goodwill
E. Trademark
Choose the correct answer from the options given below:

The following are the items appearing in Equities and Liabilities side of Balance Sheet
A. Deferred tax Assets (Net)
B. Reserve and Surplus
C. Deferred tax Liabilities (Net)
D. Long term borrowings
E. Long term loans and Advances
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Profits made on Revaluation of Assets and Reassessment of Liabilities is distributed among whom?

Calculate the Normal Rate of Return if normal profit is ₹30,000, Assets 5,30,000 and liabilities ₹30,000, while calculating the value of goodwill of the firm at the time of admission of a partner. 1. 5.6% 2.6% 3.5.3% 4.5%

Match List I with List II

LIST I		LIST II
A	Only Capital A/c exist	I	Credited to partner's capital account
B	Capital account balance remain unchanged	II	Debited to Partner's Capital Account
C	Fresh/additional capital brought in by partner	III	Fixed Capital Account
D	Permanent withdrawal	IV	Fluctuating Capital Account

Choose the correct answer from the options given below:

Which of the following option regarding issue and redemption of debenture is not possible in general?

Match List I with List II

LIST I		LIST II
A	Employee benefit expenses	I	Investing activity
B	Dividend received	II	Operating activity
C	Loan raised	III	Extraordinary item
D	Proceeds from earthquake disaster management	IV	Financing activity

Choose the correct answer from the options given below:

Arrange the following in the context of Statement of Profit and Loss.
A. Other income
B. Expenses
C. Total Revenue
D. Revenue from operation
E. Profit before tax and extra-ordinary item
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Share of profit of a deceased partner's will be debited to:

State the Journal entry when sacrificing partner Radha withdraws her Share of goodwill in cash?

P and Q are partners sharing profits in the ratio of \(2:1\). They admitted R into partnership giving \( \frac{1}{5}^{th}\) share which he acquired from P and Q in \(1:2\)ratio. Calculate the new profit sharing ratio