List of top Accountancy Questions

Rani, Manav and Pushpa were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 1st April, 2024, Rani decided to retire from the firm. On that day, the balance in her capital account after making necessary adjustments on account of reserves, revaluation of assets and reassessment of liabilities was 3,08,000. Manav and Pushpa agreed to pay her 3,80,000 in full settlement of her claim. 
Calculate Rani’s share of goodwill and pass the necessary journal entry for the same.

On 1st April, 2024, Varsha Ltd. purchased from Rama Ltd., furniture at 12,00,000 and machinery at 20,00,000. It also took over its liabilities amounting to 3,00,000. The purchase consideration of 35,00,000 was paid by issuing a bank draft of 2,00,000 and the balance by issue of 11% Debentures of 100 each, at a premium of 10%. 
Pass necessary journal entries for the above transactions in the books of Varsha Ltd.

Jim and Joy were partners in a firm sharing profits and losses equally. On 1st April, 2024, they admitted John as a new partner for \(\frac{1}{5}\) share in the profits of the firm. On the date of John’s admission, the Balance Sheet of Jim and Joy showed a debit balance of 45,000 in the Profit and Loss Account. 
From the following, what will be the accounting treatment for this balance on John’s admission?

Vimal, Bose and Ghosh were partners in a firm sharing profits and losses equally. On 1st April, 2024, Bose retired from the firm and the new profit sharing ratio between Vimal and Ghosh was decided as 4 : 3. On Bose’s retirement, the goodwill of the firm was valued at 2,10,000. It was decided to treat goodwill without opening goodwill account. By what amount will the partners’ capital accounts be debited or credited for the treatment of goodwill on Bose’s retirement?

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 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:

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:

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: