List of top Accountancy Questions

Which of the following is an example of sequential code?

A partnership can have maximum 50 partners. This limit has been set by the

Dividend received is

On the date of admission of a partner, there was a balance of ₹45,000 in the account of machinery. It was found undervalued by 10%. The value of machinery will appear in the new Balance Sheet at

A, B, and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹1,75,000 to the firm. To give effect to the above

A company can accept calls in advance, if authorized by

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of

Arrange the following in the correct sequence in the context of debenture:
(A) Payment to debenture-holders
(B) Creation of DRR
(C) Issue of debentures
(D) Redemption becomes due.

When debentures are issued at premium and redeemed at premium, the journal entry will have the following combination:
(A) Discount on issue of debentures account is credited
(B) Loss on issue of debentures account is debited
(C) Security premium account is credited
(D) Premium on redemption of debentures account is credited

400 shares of ₹50 each issued at par were forfeited for non-payment of final call of ₹10 per share. These shares were reissued at ₹45 per share as fully paid-up. The amount transferred to capital reserve is

Match List-I with List-II

List-I (Name of account to be debited or credited, when shares are forfeited)	List-II (Amount to be debited or credited)
(A) Share Capital Account	(I) Debited with amount not received
(B) Share Forfeited Account	(II) Credited with amount not received
(C) Calls-in-arrears Account	(III) Credited with amount received towards share capital
(D) Securities Premium Account	(IV) Debited with amount called up

Choose the correct answer from the options given below:

Nicku, Mala, and Ritu were partners in a firm sharing profits in the ratio of \( 5 : 3 : 2 \). Nicku died on 30\textsuperscript{th September, 2023. The deceased partner was entitled to his share of profit up to the date of death, which was to be calculated on the basis of the previous year’s profit. The previous year’s profit was ₹ 80,000. Nicku’s share of profit will be:}

From the given ‘VLOOKUP’ syntax, find out the error and its reason using the worksheet: 

(i) = VLOOKUP(B5, C3:F10, 2, 0) 
(ii) = SQRT(VLOOKUP(B3, B3:F10, 2, 0) - 100) 
(iii) = VLOOKUP(B2, B3:F10, 5, 0) 
(iv) = VLOOKUP(B3, B3:B10, 2, 0) 
(v) = VLOOKUP(B6, B3:F10, 0, 0) 
(vi) = VLOOKUP(B6, B3:F10, 2, 0)/0 
 

How can \(\#DIV/0!\) error be corrected?

From the following Balance Sheet of Yogita Ltd., calculate ‘Cash flows from Investing Activities’ and ‘Cash flows from Financing Activities’. Show your working properly.


Additional Information: 
(i) rupee50,000 was charged as depreciation on Plant and Machinery. A machinery costing rupee60,000 (Book Value Rupees 45,000) was sold for Rupees 42,000. 
(ii) Bank loan was repaid on 1^st April, 2022. 
 

From the following information, prepare a Common Size Statement of Profit and Loss of A Ltd. and B Ltd. for the year ended 31^st March, 2023: