List of top Accountancy Questions

Arnav Ltd. purchased assets worth \rupee24,00,000. It issued 9\% debentures of \rupee100 each at a discount of 4\% for payment of the purchase consideration. The number of debentures issued to the vendor were:

Vanya and Aanya were partners in a firm sharing profit and losses in the ratio of \(3:2\). Their capitals were \rupee5,00,000 and \rupee1,00,000, respectively. Vanya was entitled to interest on capital @ 8\% p.a., and Aanya was entitled to salary @ \rupee5,000 per month. The net profit before any appropriation was \rupee1,75,000. Vanya's share in divisible profit will be:

Assertion (A): Under the fixed capital method, partners' capital accounts always show a credit balance. Reason (R): Under the fixed capital method, all items like share of profit or loss, interest on capital, drawings, and interest on drawings are recorded in a separate account called partners' current account. Choose the correct alternative from the following:

M Ltd. forfeited 5,000 equity shares of \rupee10 each issued at a premium of 10\% for non-payment of the final call of \rupee2 per share. The minimum amount at which these shares can be reissued as fully paid up will be:

Gupta and Sharma are partners in a firm sharing profit in the ratio of 4:1. They admitted Preeti as a new partner for \(\frac{1}{4}\) share in the profits, which she acquired wholly from Gupta. New profit sharing ratio of Gupta, Sharma, and Preeti will be:

Aditya, Vishesh, and Nimesh were partners in a firm sharing profits and losses equally. Aditya died on 1\textsuperscript{st July 2023. Remaining partners decided to continue the business of the firm and decided to share future profits in the ratio of \(4:3\). The gaining ratio of Vishesh and Nimesh will be:}

Vishant Ltd. invited applications for issuing 6,000 equity shares of \rupee10 each at 10\% premium. The issue was fully subscribed. The amount per share was payable as follows: On application - \rupee3, on allotment - \rupee3 (including premium), on first call - \rupee3, and on final call - \rupee2. Ashish, the holder of 200 shares, paid the entire money along with allotment. The total amount received on allotment was:

Kanha, Resham, and Nisha were partners in a firm. Nisha had given a loan of \rupee1,00,000 to the firm at 10\% p.a. The accountant of the firm is emphasizing that interest on the loan will be paid at 6\% p.a. At what rate will the interest on the loan be paid to Nisha?

From the following information prepare a Comparative Statement of Profit and Loss of Y Ltd.: \[ \begin{array}{|l|r|r|} \hline \textbf{Particulars} & \textbf{31.3.2023 (\text{₹})} & \textbf{31.3.2022 (\text{₹})} \\ \hline \text{Revenue from operations} & 40,00,000 & 20,00,000 \\ \text{Purchase of stock in trade} & 24,00,000 & 12,00,000 \\ \text{Change in inventories (\% of purchase of stock in trade)} & 25\% & 20\% \\ \text{Other expenses} & 2,00,000 & 1,60,000 \\ \text{Tax rate} & 40\% & 40\% \\ \hline \end{array} \]

Following is the Balance Sheet of Bharat Gas Ltd. as at 31.3.2023: Balance Sheet of Bharat Gas Ltd. as at 31.3.2023 \[ \begin{array}{|l|c|r|r|} \hline \textbf{Particulars} & \textbf{Note No.} & \textbf{31.3.2023 (\text{₹})} & \textbf{31.3.2022 (\text{₹})} \\ \hline \multicolumn{4}{|l|}{\textbf{I. Equity and Liabilities:}} \\ 1. \text{Shareholders’ funds} & & & \\ \text{(a) Share capital} & & 14,00,000 & 10,00,000 \\ \text{(b) Reserves and Surplus} & 1 & 5,00,000 & 4,00,000 \\ 2. \text{Non-current liabilities} & & & \\ \text{Long-term borrowings} & & 5,00,000 & 1,40,000 \\ 3. \text{Current liabilities} & & & \\ \text{(a) Trade payables} & & 1,00,000 & 60,000 \\ \text{(b) Short-term provisions} & 2 & 80,000 & 60,000 \\ \textbf{Total liabilities} & & \textbf{25,80,000} & \textbf{16,60,000} \\ \hline \multicolumn{4}{|l|}{\textbf{II. Assets:}} \\ 1. \text{Non-current assets} & & & \\ \text{(a) Fixed assets} & & & \\ \text{(i) Tangible assets} & 3 & 16,00,000 & 9,00,000 \\ \text{(ii) Intangible assets} & 4 & 1,40,000 & 2,00,000 \\ 2. \text{Current assets} & & & \\ \text{(a) Inventories} & & 2,50,000 & 2,00,000 \\ \text{(b) Trade receivables} & & 1,90,000 & 80,000 \\ \text{(c) Cash and cash equivalents} & & 3,00,000 & 2,80,000 \\ \textbf{Total assets} & & \textbf{25,80,000} & \textbf{16,60,000} \\ \hline \end{array} \]

Notes to Accounts: \[ \begin{array}{|c|l|r|r|} \hline \textbf{Note No.} & \textbf{Particulars} & \textbf{31.3.2023 (\text{₹})} & \textbf{31.3.2022 (\text{₹})} \\ \hline 1 & \text{Reserves and Surplus:} & & \\ & \text{Balance in Statement of Profit and Loss} & 5,00,000 & 4,00,000 \\ 2 & \text{Short-term provisions:} & & \\ & \text{Provision for Taxation} & 80,000 & 60,000 \\ 3 & \text{Tangible Assets:} & & \\ & \text{Machinery} & 18,50,000 & 10,00,000 \\ & \text{Less: Accumulated Depreciation} & 16,00,000 & 9,00,000 \\ 4 & \text{Intangible Assets:} & & \\ & \text{Goodwill} & 1,40,000 & 2,00,000 \\ \hline \end{array} \]

Adjustments:

During the year, a machine costing ₹3,00,000 on which accumulated depreciation was ₹45,000 was sold for ₹1,35,000.

Explain ‘Sequential Codes’ and ‘Block Codes’ with examples.

State why do you need to change a chart? How can it be changed? Why is it said that changing a column chart to a pie chart is easy? Give reasons.

State the advantages of a computerized accounting system.

Using the worksheet below, find out the error and its reason for the given ‘VLOOKUP’ syntax: \[ \begin{array}{|c|c|c|c|c|} \hline \textbf{S. No.} & \textbf{Product} & \textbf{Q1 Sales (\text{₹})} & \textbf{Q2 Sales (\text{₹})} & \textbf{Half Yearly Sales (\text{₹})} \\ \hline 1 & N & 21000 & 23000 & 44000 \\ 2 & P & 31000 & 28000 & 59000 \\ 3 & Q & 25000 & 30000 & 55000 \\ 4 & R & 57000 & 49000 & 106000 \\ 5 & S & 32000 & 40000 & 72000 \\ 6 & T & 18000 & 22000 & 40000 \\ 7 & U & 13000 & 24000 & 37000 \\ \hline \end{array} \] VLOOKUP Syntax:
(i) = VLOOKUP(B1, B2:E8, 2, 0)
(ii) = SQRT(VLOOKUP(B5, B8:E8, 2, 0) - 100000)
(iii) = VLOOKUP(A2, A2:A8, 2, 0)
(iv) = VLOOKUP(B2, B3:E4, 5, 0)
(v) = VLOOKUP(B2, A2:E8, 0, 0)
(vi) = VLOOKUP(B2, B2:E8, 2, 0)/0

Interest on Aditi’s capital will be:

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 ₹9,000. Interest on drawings was charged on drawings of Mishu for:

At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of ₹80,000. The claim for workmen compensation was estimated at ₹1,00,000. The shortfall of ₹20,000 will be:

M Ltd. forfeited 5,000 equity shares of ₹10 each issued at a premium of 10% for non-payment of the final call of ₹2 per share. The minimum amount at which these shares can be reissued as fully paid up will be:

Vishant Ltd. invited applications for issuing 6,000 equity shares of ₹10 each at a 10% premium. The issue was fully subscribed. The amount per share was payable as follows:

On application: ₹3
On allotment: ₹3 (including premium)
On first call: ₹3
On final call: ₹2

Ashish, the holder of 200 shares, paid the entire money along with allotment. The total amount received on allotment was:

Ravi, Vani, and Toni were equal partners in a firm. After the retirement of Vani, the capital balances of Ravi and Toni were ₹1,56,000 and ₹1,08,000 respectively. The new capital of the firm was determined at ₹2,80,000. It was decided that the capital will be in proportion to the profit-sharing ratio of the remaining partners. Toni will bring ...... for the deficiency of his new capital.

Riya, Rita, and Renu were partners in a firm. On 31^st March, 2023, Renu retired. The amount payable to Renu ₹2,17,000 was transferred to her loan account. Renu agreed to receive interest on this amount as per the provisions of the Partnership Act, 1932. The rate at which interest would be paid to Renu is:

If vendors are issued fully paid shares of ₹1,25,000 in purchase consideration of net assets of ₹1,50,000, the balance of ₹25,000 will be credited to:

On the dissolution of a partnership firm, there were debtors of ₹34,000. Debtors of ₹1,000 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?

Gupta and Sharma are partners in a firm sharing profit in the ratio of 4:1. They admitted Preeti as a new partner for \( \frac{1}{4} \) share in the profits, which she acquired wholly from Gupta. The new profit sharing ratio of Gupta, Sharma, and Preeti will be:

On 1^st May, 2023, Amrit Ltd. issued 10,000, 10% debentures of ₹100 each at a premium of 10%, redeemable at a premium of 10%. Loss on issue of debentures will be: