List of top Accountancy Questions

Varun, Tarun, Arun and Barun were partners in a firm sharing profits in the ratio of 5:3:2:2. Arun retired on 31st March, 2023. Varun, Tarun and Barun decided to share future profits equally. On Arun’s retirement, Goodwill of the firm was valued at \rupee 9,00,000. Showing your workings clearly, pass the necessary Journal entry for treatment of Goodwill on Arun’s retirement without opening goodwill account.
Ram, Ravi and Rohan were partners sharing profits in the ratio of 2:3:1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Ram, Ravi and Rohan as on 31.3.2023 \begin{center} \begin{tabular}{|l|r|l|r|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Creditors & 3,62,000 & Cash & 14,000
General Reserve & 18,000 & Bank & 2,96,000
Capitals: & & Stock & 80,000
Ram & 1,00,000 & Debtors & 3,00,000
Ravi & 2,00,000 & Less: Provision for Doubtful Debts & (10,000)
Rohan & 3,00,000 & & 2,90,000
Total & 9,80,000 & Total & 9,80,000
\end{tabular} \end{center} Rohan died on 30th 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 average profit of last three years. The profits for the last three years were: 2020-21 \rupee 45,000, 2021-22 \rupee 90,000, and 2022-23 \rupee 1,35,000. Deceased partner’s share of profit till the date of his death will be calculated on the basis of average profit of last three years. Prepare Rohan’s Capital Account to be rendered to his executors.
Manika Ltd. forfeited 500 shares of \rupee 100 each for non-payment of first call of \rupee 20 per share and second and final call of \rupee 25 per share. 250 of these shares were reissued at \rupee 50 per share fully paid up. Pass the Journal Entries for forfeiture and reissue of shares.
Ronit Ltd. was registered with an authorised capital of \rupee 75,00,000 divided into 75,000 equity shares of \rupee 100 each. The company invited applications for issuing 45,000 shares.
The amount was payable as follows: \rupee 30 per share on application, \rupee 30 per share on allotment, \rupee 25 per share on first call and 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.
Mehak, Ayush and Anshu were partners in a firm sharing profits and losses in the ratio of 5:3:2. With effect from 1st April, 2023, they agreed to share profits and losses in the ratio of 4:3:3. On that date, there was a General Reserve of \rupee 80,000 in the books of the firm. It was agreed that: Goodwill of the firm be valued at \rupee 3,00,000. Loss on revaluation of assets and re-assessment of liabilities amounted to \rupee 50,000. Pass necessary journal entries for the above transactions in the books of the firm.
Kanha, Resham, and Nisha were partners in a firm. Nisha had given a loan of \rupee 1,00,000 to the firm @ 10\% p.a. The accountant of the firm is emphasizing that interest on the loan will be paid @ 6\% p.a. At what rate will the interest on loan be paid to Nisha?
On 1st May, 2023, Amrit Ltd. issued 10,000, 10\% debentures of \rupee 100 each at a premium of 10\% redeemable at a premium of 10\%. Loss on issue of debentures will be:
Arnav Ltd. purchased assets worth \rupee 24,00,000. It issued 9\% debentures of \rupee 100 each at a discount of 4\% for payment of the purchase consideration. The number of debentures issued to the vendor were:
On the disSolution of a partnership firm there were debtors of \rupee 34,000. Debtors of \rupee 1,000 became bad and 60\% was realized from the remaining debtors. Which account will be debited and by how much amount on the realisation from debtors?
Interest on capital will be provided to Aditi and Saurabh in which of the following ratio?
Vanya and Aanya were partners in a firm sharing profit and losses in the ratio of 3:2. Their capitals were \rupee 5,00,000 and \rupee 1,00,000 respectively. Vanya was entitled to interest on capital @ 8\% p.a. and Aanya was entitled to salary @ \rupee 5,000 per month. The net profit before any appropriation was \rupee 1,75,000. 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, interest on drawings are recorded in a separate account called partners' current account.
Choose the correct alternative from the following:
Omkar and Shiva were partners in a firm. Omkar was entitled to a salary of \rupee 20,000 p.a. while Shiva was entitled to a salary of \rupee 50,000 p.a. Net profit for the year ended 31st March, 2023, after charging the salaries of Omkar and Shiva, was \rupee 5,60,000. The total amount credited to Omkar’s capital account 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 1/4th 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 1st July 2023. The 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:
Interest on Aditi's capital will be:
At the time of admission of a partner, the Balance Sheet of the firm showed a workmen compensation reserve of \rupee 80,000. The claim for workmen compensation was estimated at \rupee 1,00,000. The shortfall of \rupee 20,000 will be:
Which one of the following items is not dealt through Profit and Loss Appropriation Account?
As per the provisions of Companies Act, 2013 Securities Premium cannot be utilized for:
M Ltd. forfeited 5,000 equity shares of \rupee 10 each issued at a premium of 10\% for non-payment of final call of \rupee 2 per share. The minimum amount at which these shares can be reissued as fully paid up 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 @ \(15\% \ \text{p.a.}\). At the end of the year, interest on Mishu's drawings amounted to \rupee 9,000. Interest on drawings was charged on drawings of Mishu for:
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:
Vishant Ltd. invited applications for issuing 6,000 equity shares of \rupee 10 each at 10\% premium. The issue was fully subscribed. The amount per share was payable as follows: On application - \rupee 3, on allotment - \rupee 3 (including premium), on first call - \rupee 3 and on final call - \rupee 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 \rupee 1,56,000 and \rupee 1,08,000 respectively. The new capital of the firm was determined at \rupee 2,80,000. It was decided that the capital will be in proportion of the profit sharing ratio of the remaining partners. Toni will bring ..... for deficiency in his new capital.
Riya, Rita and Renu were partners in a firm. On 31st March, 2023 Renu retired. The amount payable to Renu \rupee 2,17,000 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: