List of top Accountancy Questions

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:} \[ \begin{array}{|c|c|c|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Creditors & 60,000 & Cash & 36,000
Outstanding Wages & 9,000 & Debtors & 54,000
General Reserve & 15,000 & Less: Provision for Doubtful Debts (6,000) & 48,000
Capitals: & & Stock & 60,000
\quad Anikesh & 1,20,000 & Furniture & 1,20,000
\quad Bhavesh & 1,80,000 & Machinery & 1,20,000
Total & 3,84,000 & Total & 3,84,000
\end{array} \] On 1\textsuperscript{st April, 2023, Chahat was admitted for 1/4\textsuperscript{th} share in the profits on the following terms:}
(i) Chahat will bring \rupee 90,000 as her capital and \rupee 30,000 as her share of Goodwill premium.
(ii) Outstanding wages will be paid.
(iii) Stock will be reduced by 10\%.
(iv) creditor of \rupee 6,300, 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.

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:} \[ \begin{array}{|c|c|c|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Creditors & 3,62,000 & Cash & 14,000
General Reserve & 18,000 & Bank & 80,000
Ram’s Capital & 1,00,000 & Stock & 80,000
Ravi’s Capital & 2,00,000 & Debtors & 3,00,000
Rohan’s Capital & 3,00,000 & Investments & 50,000
& & Land & 2,50,000
Total & 9,80,000 & Total & 9,80,000
\end{array} \] Rohan died on 30\textsuperscript{th September, 2023. On the death of a partner, the partnership deed provided for the following:}
(i)Goodwill was to be valued at two years purchase of average profit of last three years. The profits for the last three years were: \[ 2020-21 = \rupee 4,50,000, \; 2021-22 = \rupee 90,000, \; 2022-23 = \rupee 1,35,000 \]
(ii)Deceased partner’s share of profit till the date of death will be calculated on the basis of average profit of the last three years. Prepare Rohan’s Capital Account to record the above transactions.

Prina, Qadir, and Kian were partners in a firm sharing profits in the ratio of 7:2:1. On 31\textsuperscript{st March, 2023, their Balance Sheet was as follows:} \[ \begin{array}{|c|c|c|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Capitals: & & Land & 12,00,000
\quad Prina & 9,60,000 & Building & 9,00,000
\quad Qadir & 8,40,000 & Furniture & 6,00,000
\quad Kian & 9,00,000 & Stock & 6,60,000
General Reserve & 3,00,000 & Debtors & 6,00,000
Workmen’s Compensation Reserve & 5,40,000 & Less: Provision for Doubtful Debts (30,000) & 5,70,000
Creditors & 3,60,000 & Cash at Bank & 2,10,000
Total & 39,00,000 & Total & 39,00,000
\end{array} \] Adjustments on Qadir’s Retirement:
(i) Goodwill of the firm valued at \rupee 12,00,000.
(ii) Land appreciated by 30\%, and building depreciated by \rupee 3,54,000.
(iii) A provision of 6\% maintained on debtors.
(iv) Workmen’s compensation liability determined at \rupee 1,40,000.
(v) Qadir’s amount transferred to loan account.
(vi) Total capital fixed at \rupee 16,00,000, adjusted in the new profit ratio.

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 \rupee 9,00,000. Showing your workings clearly, pass the necessary Journal Entry for treatment of Goodwill on Arun’s retirement without opening a 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 admission of Vansh was as follows: \[ \begin{array}{|c|c|c|} Liabilities & Amount (\rupee) & Assets & Amount (\rupee)
Aayush’s Capital & 90,000 & Machinery & 75,000
Krish’s Capital & 50,000 & Furniture & 15,000
General Reserve & 20,000 & Stock & 30,000
Loan & 25,000 & Debtors & 50,000
Creditors & 5,000 & Cash & 20,000
Total & 1,90,000 & Total & 1,90,000
\end{array} \] 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.

Nita, Mita, and Karan were partners in a firm sharing profits and losses in the ratio of 4:3:3. With effect from 1\textsuperscript{st April, 2023, they agreed to share profits and losses in the ratio of 1:2:2. On that date, there was a General Reserve of \rupee 70,000 in the books of the firm. It was agreed that:}
(i) Goodwill of the firm be valued at \rupee 1,00,000.
(ii) Loss on revaluation of assets and re-assessment of liabilities amounted to \rupee 40,000. Pass necessary journal entries for the above transactions in the books of the firm.

Aditya, Vishesh, and Nimesh were partners in a firm sharing profits and losses equally. Aditya died on 1\textsuperscript{st 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:}

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 31\textsuperscript{st 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:}