List of top Accountancy Questions

Pass necessary journal entries relating to the issue of debentures and to write off discount/loss on issue of debentures in the books of Ajanta Ltd. in the following cases: 200, 9\% debentures of \rupee1,000 each are issued at 10\% discount and redeemable at par. Balance in Securities Premium account is \rupee15,000. 300, 11\% debentures of \rupee1,000 each are issued at 5\% discount and redeemable at a premium of 10\%. Balance in Securities Premium account is \rupee35,000.
Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31\textsuperscript{st March, 2023, was as follows:} \begin{center} Balance Sheet of Anikesh and Bhavesh as on 31\textsuperscript{st March, 2023} \end{center} \begin{center} \begin{tabular}{|p{8cm}|p{6cm}|} Liabilities & Amount (\rupee)
Creditors & 60,000
Outstanding Wages & 9,000
General Reserve & 15,000
Capitals: &
{0.5cm} Anikesh & 1,20,000
{0.5cm} Bhavesh & 1,80,000
Total Liabilities & 3,84,000
Assets &
Cash & 36,000
Debtors & 54,000
Less: Provision for doubtful debts & (6,000)
Stock & 48,000
Furniture & 1,20,000
Machinery & 1,20,000
Total Assets & 3,84,000
\end{tabular} \end{center} On 1\textsuperscript{st April, 2023, Chahat was admitted for 1/4\textsuperscript{th} share in the profits on the following terms:} Chahat will bring \rupee90,000 as her capital and \rupee30,000 as her share of Goodwill premium. Outstanding wages will be paid. Stock will be reduced by 10\%. A creditor of \rupee6,300, not recorded in the books, was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm.
Ronit Ltd. was registered with an authorised capital of \rupee75,00,000 divided into 75,000 equity shares of \rupee100 each. The company invited applications for issuing 45,000 shares. The amount was payable as follows: \rupee30 per share on application, \rupee30 per share on allotment, \rupee25 per share on first call, and the balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Charvi, to whom 3,300 shares were allotted, failed to pay both the calls. Her shares were forfeited. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare notes to accounts.
Lazal Ltd. invited applications for issuing 2,00,000 equity shares of \rupee10 each, at 20\% premium. Amount per share was payable as follows: \rupee5 on application; \rupee4 (including premium) on allotment; and balance on first and final call. Public applied for 3,20,000 shares, out of which applications for 20,000 shares were rejected and shares were allotted on pro-rata basis to the remaining applications. Kavita, an applicant of 15,000 shares, failed to pay allotment and call money. Her shares were forfeited. Pass necessary Journal entries for the above transactions in the books of the company.
Chand Ltd. invited applications for issuing 1,00,000 equity shares of \rupee10 each at a premium of \rupee2 per share. The amount per share was payable as follows: \rupee4 (including premium) on application, \rupee5 on allotment, and balance on first and final call. Applications were received for 1,80,000 shares of which applications for 30,000 shares were rejected and remaining applicants were allotted shares on pro-rata basis. Mansi holding 5,000 shares failed to pay first and final call money, and her shares were forfeited. Pass the necessary Journal entries for the above transactions in the books of the company.
Ram, Ravi, and Rohan were partners sharing profits in the ratio of 2:3:1. On 31\textsuperscript{st March, 2023, their Balance Sheet was as follows:} \begin{center} Balance Sheet of Ram, Ravi, and Rohan as on 31.3.2023 \end{center} \begin{center} \begin{tabular}{|p{8cm}|p{6cm}|} Liabilities & Amount (\rupee)
Creditors & 3,62,000
General Reserve & 18,000
Capitals: &
{0.5cm} Ram & 1,00,000
{0.5cm} Ravi & 2,00,000
{0.5cm} Rohan & 3,00,000
Total Liabilities & 9,80,000
Assets &
Cash & 14,000
Bank & 2,96,000
Stock & 80,000
Debtors & 3,00,000
Less: Provision for doubtful debts & (10,000)
Investments & 2,50,000
Land & 2,50,000
Total Assets & 9,80,000
\end{tabular} \end{center} Rohan died on 30\textsuperscript{th} September, 2023. On the death of a partner, the partnership deed provided for the following: Goodwill was to be valued at two years' purchase of the average profit of the last three years. The profits for the last three years were: 2020-21: \rupee45,000 2021-22: \rupee90,000 2022-23: \rupee1,35,000 Deceased partner’s share of profit till the date of his death will be calculated on the basis of the average profit of the last three years. Prepare Rohan’s Capital Account to be rendered to his executors.
Atul and Gita were partners in a firm sharing profits and losses in the ratio of 3:2. Their fixed capitals were \rupee4,00,000 and \rupee2,00,000, respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 6\% p.a., as provided in the partnership deed, was not credited to the capital accounts of partners before distribution of profits. Pass the necessary adjusting Journal Entry. Show your workings clearly.
Varun, Tarun, Arun, and Barun were partners in a firm sharing profits in the ratio of 5:3:2:2. Arun retired on 31\textsuperscript{st March, 2023. Varun, Tarun, and Barun decided to share future profits equally. On Arun’s retirement, Goodwill of the firm was valued at \rupee9,00,000. Showing your workings clearly, pass the necessary Journal Entry for treatment of Goodwill on Arun’s retirement without opening goodwill account.}
Aayush and Krish are partners sharing profits and losses equally. They decided to admit Vansh for an equal share in the profits. For this purpose, the goodwill of the firm was to be valued at four years' purchase of super profits. The balance sheet of the firm on 31.3.2023 before the admission of Vansh was as follows: \begin{center} \begin{tabular}{|l|r|l|r|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Capitals: & & Machinery & 75,000
Aayush & 90,000 & Furniture & 15,000
Krish & 50,000 & Stock & 30,000
\cline{1-2} General Reserve & 20,000 & Debtors & 20,000
Loan & 25,000 & Cash & 50,000
Creditors & 5,000 & &
Total & 1,90,000 & Total & 1,90,000
\end{tabular} \end{center} The normal rate of return is \(12\%\) per annum. The average profit of the firm for the last four years was \rupee30,000. Calculate Vansh's share of Goodwill.
If vendors are issued fully paid shares of \rupee1,25,000 in purchase consideration of net assets of \rupee1,50,000, the balance of \rupee25,000 will be credited to:
Mahesh Ltd. purchased Plant and Machinery from Ish Ltd. for \rupee4,50,000. \rupee50,000 was paid by cheque to Ish Ltd., and the balance by issuing 6\% debentures of \rupee100 each at a discount of 20\%. Pass the necessary Journal Entries for the above transactions in the books of Mahesh Ltd.
Reeha, Meenu, and Sara were partners in a partnership firm sharing profits and losses in the ratio of 2:2:1. With effect from 1\textsuperscript{st April, 2023, they agreed to share profits and losses equally. On that date, there was a General Reserve of \rupee50,000 in the books of the firm. It was agreed that:} Goodwill of the firm be valued at \rupee3,00,000. Profit on revaluation of assets and re-assessment of liabilities amounted to \rupee30,000. Pass necessary journal entries for the above transactions in the books of the firm.
Manika Ltd. forfeited 500 shares of \rupee100 each for non-payment of the first call of \rupee20 per share and the second and final call of \rupee25 per share. 250 of these shares were reissued at \rupee50 per share fully paid up. Pass the Journal Entries for forfeiture and reissue of shares.
Which one of the following items is not dealt through Profit and Loss Appropriation Account?
At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of \rupee80,000. The claim for workmen compensation was estimated at \rupee1,00,000. The shortfall of \rupee20,000 will be:
As per the provisions of Companies Act, 2013, Securities Premium cannot be utilized for:
Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?
Vishnu and Mishu are partners in a firm. Mishu draws a fixed amount at the end of every quarter. Interest on drawings is charged @ 15\% p.a. At the end of the year, interest on Mishu's drawings amounted to \rupee9,000. Interest on drawings was charged on drawings of Mishu for:
On the disSolutions of a partnership firm, there were debtors of \rupee34,000. Debtors of \rupee1,000 became bad, and 60\% was realized from the remaining debtors. Which account will be debited and by how much amount on the realization from debtors?
Interest on Aditi's capital will be:
Ravi, Vani, and Toni were equal partners in a firm. After the retirement of Vani, the capital balances of Ravi and Toni were \rupee1,56,000 and \rupee1,08,000, respectively. The new capital of the firm was determined at \rupee2,80,000. It was decided that the capital will be in proportion of the profit-sharing ratio of the remaining partners. Toni will bring \_\_\_\_ for deficiency of his new capital.
Riya, Rita, and Renu were partners in a firm. On 31\textsuperscript{st March, 2023, Renu retired. The amount payable to Renu \rupee2,17,000 was transferred to her loan account. Renu agreed to receive interest on this amount as per the provisions of Partnership Act, 1932. The rate at which interest would be paid to Renu is:}
Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee20,000 p.a. while Shiva was entitled to a salary of \rupee50,000 p.a. Net profit for the year ended 31\textsuperscript{st March, 2023, after charging salaries of Omkar and Shiva, was \rupee5,60,000. The total amount credited to Omkar's capital account will be:}
Assertion (A): Interest on bearer debentures is paid to a person who produces the interest coupon attached to such debentures. Reason (R): Bearer debentures are transferred by way of delivery, and the company does not keep any record of these debenture holders. Choose the correct option from the following:
On 1\textsuperscript{st May, 2023, Amrit Ltd. issued 10,000, 10\% debentures of \rupee100 each at a premium of 10\%, redeemable at a premium of 10\%. Loss on issue of debentures will be:}