List of top Accountancy Questions

‘LABELS’ in Excel means:
‘A piece of information shown in a graph which is assigned to the data series’ is known as:
How to use ‘Mark Common Formula Error’ in Excel? Explain.
Excel considers which of the following group of mathematical operations of equal importance?
Which of the following type of software suffers from the limitation of low secrecy level and software being prone to data frauds?
How are ‘absolute cell references’ and ‘mixed reference’ identified in Excel?
How many rows are available in Excel 2007?
Prepare a Common Size Balance Sheet of X Ltd. from the following information: Balance Sheet of X Ltd. as on 31\textsuperscript{st March, 2023} \begin{center} \begin{tabular}{|l|c|r|r|} Particulars & Note No. & 31.3.2023 (\rupee) & 31.3.2022 (\rupee)
\multicolumn{4}{|l|}{I. Equity and Liabilities:}
Shareholders’ funds & & &
(a) Equity Share Capital & & 30,00,000 & 15,00,000
(b) Reserves and Surplus & & 10,00,000 & 5,00,000
Non-current liabilities & & 20,00,000 & 15,00,000
Current liabilities & & 20,00,000 & 15,00,000
Total liabilities & & 80,00,000 & 50,00,000
\multicolumn{4}{|l|}{II. Assets:}
Non-current assets & & 40,00,000 & 30,00,000
Current assets & & &
(a) Inventories & & 40,00,000 & 20,00,000
Total assets & & 80,00,000 & 50,00,000
\end{tabular} \end{center}
Calculate ‘Operating Profit Ratio’ from the following information: Revenue from operations: \rupee 10,00,000 Gross profit: 25\% on cost Office and administrative expenses: \rupee 18,000 Selling and distribution expenses: \rupee 2,000 Loss by theft: \rupee 20,000
Under which Major Heads and Sub-Heads (if any) will the following items be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013: Design Unpaid dividend Capital work-in-progress
Quick ratio of Megamart Ltd. is 1.5:1. Which of the following transactions will result in a decrease in this ratio?
The tool of ‘Analysis of Financial Statements’ which helps to assess the profitability, solvency, and efficiency of an enterprise is known as:
...... is also known as the Acid Test Ratio.
From the above information, ‘Cash flows from investing activities’ will be: % Table \begin{center} \begin{tabular}{|l|r|r|} Particulars & Purchased (\rupee) & Sold (\rupee)
Investments & 2,00,000 & 1,80,000
Goodwill & 3,00,000 & --
\end{tabular} \end{center}
Statement I: Financing activities relate to long-term funds or capital of an enterprise.
Statement II: Separate disclosure of cash flows arising from financing activities is important because they represent the extent to which expenditures have been made for resources intended to generate future income and cash flows.
Choose the correct option from the following:
What will be the effect of transaction ‘Payment of employee benefit expenses’ on the cash flow statement?
Pass necessary journal entries relating to issue of debentures and to write off discount/loss on issue of debentures in the books of Dhatu Ltd. in the following cases: 400, 11\% debentures of \rupee 1,000 each are issued at 10\% discount and redeemable at par. Balance in Securities Premium Account is \rupee 50,000. 500, 10\% debentures of \rupee 1,000 each are issued at 10\% discount and redeemable at a premium of 10\%. Balance in Securities Premium Account is \rupee 75,000.
Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31st March, 2023 was as follows: Balance Sheet of Anikesh and Bhavesh as on 31st March, 2023 \begin{center} \begin{tabular}{|l|r|l|r|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Creditors & 60,000 & Cash & 36,000
Outstanding Wages & 9,000 & Debtors & 54,000
General Reserve & 15,000 & Less: Provision for Doubtful Debts & (6,000)
Capitals: & & & 48,000
Anikesh & 1,20,000 & Stock & 60,000
Bhavesh & 1,80,000 & Furniture & 1,20,000
Total & 3,84,000 & Machinery & 1,20,000
& & Total & 3,84,000
\end{tabular} \end{center} Adjustments: Chahat will bring \rupee 90,000 as her capital and \rupee 30,000 as her share of goodwill premium. Outstanding wages will be paid. Stock will be reduced by 10\%. A creditor of \rupee 6,300, not recorded in the books, was to be taken into account.
Pass the necessary journal entries for the following transactions on the disSolution of the firm of Sudha and Shiva after the various assets (other than cash and bank) and third-party liabilities have been transferred to realisation account: Sudha agreed to pay off her husband’s loan \rupee 19,000. A debtor, whose debt of \rupee 9,300 was written off as bad debts in the books, paid \rupee 7,500 in full settlement. Shiva took over all investments at \rupee 13,300. An unrecorded creditor of \rupee 20,000 was paid by Sudha at a discount of 10\%. The firm had 300 shares in Veligare Ltd. acquired at a cost of \rupee 3,000 and had been written off completely from the books. These shares were valued at \rupee 5 each and divided among the partners in their profit-sharing ratio. Realisation expenses \rupee 3,400 were paid by Sudha for which she was allowed a remuneration of \rupee 3,000.
Prina, Qadir and Kian were partners in a firm sharing profits in the ratio of 7:2:1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Prina, Qadir and Kian as on 31st March, 2023 \begin{center} \begin{tabular}{|l|r|l|r|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Creditors & 2,10,000 & Land & 12,00,000
Workmen’s Compensation Reserve & 5,40,000 & Building & 9,00,000
General Reserve & 3,00,000 & Furniture & 3,00,000
Capitals: & & Stock & 6,60,000
Prina & 9,60,000 & Debtors & 6,00,000
Qadir & 8,40,000 & Less: Provision for Doubtful Debts & (30,000)
Kian & 9,00,000 & & 5,70,000
Total & 39,00,000 & Cash at Bank & 3,00,000
& & Total & 39,00,000
\end{tabular} \end{center} Adjustments: Goodwill of the firm was valued at \rupee 12,00,000. Land to be appreciated by 30\%, and building to be depreciated by \rupee 3,54,000. A provision of 6\% is to be maintained on debtors. Liability for workmen’s compensation was determined at \rupee 1,40,000. Amount payable to Qadir was transferred to his loan account. Prina’s and Kian’s capital to be adjusted in their new profit-sharing ratio.
Lazal Ltd. invited applications for issuing 2,00,000 equity shares of \rupee 10 each, at 20\% premium. Amount per share was payable as follows: \rupee 5 on application, \rupee 4 (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 \rupee 10 each at a premium of \rupee 2 per share. The amount per share was payable as follows: \rupee 4 (including premium) on application, \rupee 5 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 necessary Journal entries for the above transactions in the books of the company.
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 admission of Vansh was as follows: Balance Sheet of Aayush and Krish as on 31.3.2023 \begin{center} \begin{tabular}{|l|r|r|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Capitals: & & Machinery & 75,000
Aayush & 90,000 & Furniture & 15,000
Krish & 50,000 & Stock & 30,000
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. Average profit of the firm for the last four years was \rupee 30,000. Calculate Vansh's share of Goodwill.
Piya and Rosa were partners in a firm sharing profits and losses in the ratio of 3:5. Their fixed capitals were \rupee 10,00,000 and \rupee 6,00,000 respectively. After the accounts for the year were prepared, it was noticed that interest on capital @ 8\% 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 entry. Show your workings clearly.
Mahesh Ltd. purchased Plant and Machinery from Ish Ltd. for \rupee 4,50,000. \rupee 50,000 was paid by cheque to Ish Ltd. and the balance by issuing 6\% debentures of \rupee 100 each at a discount of 20\%. Pass the necessary Journal Entries for the above transactions in the books of Mahesh Ltd.