List of top Accountancy Questions

Pass the necessary journal entries for forfeiture and reissue of shares in the following cases:
(i) Premier Ltd. forfeited 600 shares of Rs 10 each issued at a premium of Rs 3 per share (payable with allotment) for non-payment of allotment money of Rs 7 per share including premium. The first and final call of Rs 3 per share was not yet made. The forfeited shares were reissued at Rs 13 per share fully paid up.
(ii) Risha Ltd. forfeited 1000 shares of Rs 10 each, Rs 8 per share called up issued at a premium of Rs 2 per share to Atul, for non-payment of allotment money of Rs 6 per share (including premium). Out of these, 800 shares were reissued at Rs 7 per share, Rs 8 paid up.
Short-term highly liquid investments qualify as cash equivalents if they are realisable into known amounts of cash from the date of acquisition within a period of :

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the
Companies Act, 2013:

  1. Work in progress
  2. Securities premium
  3. Creditors

From the following information, prepare a Comparative Statement of Profit and Loss of Smart Ltd. : 

From the following information, calculate Opening Trade Receivables and Closing Trade Receivables : 
Trade Receivables Turnover Ratio - 4 times 
Closing Trade Receivables were Rs 20,000 more than that in the beginning. 
Cost of Revenue from operations - Rs 6,40,000. 
Cash Revenue from operations \( \frac{1}{3} \)rd of Credit Revenue from operations 
Gross Profit Ratio - 20% 

From the following information, calculate opening and closing inventory: 
Gross Profit Ratio - 25% 
Revenue from operations - Rs 8,00,000 
Inventory turnover ratio - 4 times 
Opening inventory was 2 times of the closing inventory. 

A piece of information shown in a graph which is assigned to the data series is known as :
In case the total cost of a machine, less installation charges, is greater than Rs 2,00,000, then 20% depreciation is charged, and if the total cost of the machine is less than Rs 2,00,000, then 10% depreciation is charged.
Write the steps to create an 'IF' function using the Formula tab and dialogue box on a given spreadsheet. Also, write the syntax of the result.
The software of computerised accounting system can be used for any size of business and type of organization as it enables changing the volume of data processing in tune with the change in the size of business. Which feature of Computerised Accounting System is being highlighted in above lines?
Which of the following is a part of Asset group 'Current Assets' in account group of Assets?
Null value is the special value which represents :
To see all available shape styles which of the following button is clicked ?
Name the error which occurs when Excel doesn't recognize a Text formula. Give any two solutions to correct it.
State the advantages of 'Pivot Table' report.
What is data formatting? What tools are used to format data ?
Explain the 'ROUND' function in Excel.

Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

(A) Duties and Taxes

(B) Miscellaneous Expenditures

(C) Reserves & Surplus

(D) Direct Expenses

On $31^{\text {st }}$ March, 2024, following is the Balance Sheet of Bhavik Limited :

Bhavik Ltd.

Balance Sheet as at $31^{\text {st }}$ March 2024

I. Equity and Liabilities :

ParticularsNote No.$31-3-2024$ (₹)$31-3-2023$ (₹)
1. Shareholders funds   
(a) Share Capital 12,00,00010,00,000
(b) Reserves and Surplus14,00,0003,00,000
2. Non-current liabilities   
Long-term borrowings26,00,00010,00,000
3. Current Liabilities 5,00,0001,00,000
(a) Trade Payables33,00,0004,00,000
(b) Short-term provisions   
Total 30,00,00028,00,000

II. Assets :

1. Non-current Assets   
(a) Property, Plant and Equipment and Intangible Assets   
Property plant and equipment419,00,00015,00,000
(b) Non-current Investments 3,00,0004,00,000
2. Current Assets   
(a) Inventories 4,50,0003,50,000
(b) Trade Receivables 2,50,0004,50,000
(c) Cash and Cash Equivalents 1,00,0001,00,000
Total 30,00,00028,00,000

Notes to Accounts :

NoteParticulars$31-3-2024$ (₹)$31-3-2023$ (₹)
No.   
1.Reserves and Surplus i.e. Balance in Statement of Profit and Loss4,00,0003,00,000
2.Long-term borrowings  
 10% Debentures6,00,00010,00,000
3.Short-term provisions  
 Provision for tax3,00,0004,00,000
4.Property plant and equipment  
 Plant and Machinery21,50,00016,00,000
 Less : Accumulated Depreciation2,50,0001,00,000
 19,00,00015,00,000 

Additional Information :

  • During the year, a piece of machinery costing ₹ 8,00,000 with accumulated depreciation of ₹ 50,000 was sold for ₹ 6,50,000.
  • Debentures were redeemed on $31^{\text {st }}$ March, 2024.

Calculate :

  1. Cash flows from Investing Activities
  2. Cash flows from Financing Activities

From the following information, calculate opening and closing inventory :

  • Gross Profit Ratio – 25%
  • Revenue from operations – ₹ 8,00,000
  • Inventory turnover ratio – 4 times
  • Opening inventory was 2 times of the closing inventory.

From the following information, prepare a Comparative Statement of Profit and Loss for the year ended $31^{\text {st }}$ March, 2024 :

Particulars2023-24 (₹)2022-23 (₹)
Revenue from operations8,00,0004,00,000
Cost of revenue from operations4,00,0002,00,000
Employee benefit expenses1,60,00080,000
Tax Rate50% 

(a) From the following information, calculate Opening Trade Receivables and Closing Trade Receivables :

  • Trade Receivables Turnover Ratio = 4 times
  • Closing Trade Receivables were ₹ 20,000 more than that in the beginning.
  • Cost of Revenue from operations = ₹ 6,40,000.
  • Cash Revenue from operations = $\frac{1}{3}$ of Credit Revenue from Operations
  • Gross Profit Ratio = 20%

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule-III, Part-I of the Companies Act, 2013 :

  1. Bills payable
  2. Loose Tools
  3. Copyrights

The Quick Ratio of a company is $1:1$. Which of the following transactions will result in an increase in the Quick Ratio?

  • (A) Cash received from debtors
  • (B) Sold goods on credit
  • (C) Purchased goods on credit
  • (D) Purchased goods on cash

Statement-I: Snow Limited earned a profit of Rs 2,00,000 after charging depreciation of Rs 50,000 on machinery. So, operating profit before working capital changes would be Rs 2,50,000. 
Statement-II: Depreciation is added back to net profit as it does not result in any cash flow. 

_____ is not a tool of 'Analysis of Financial Statements'.
Short-term highly liquid investments qualify as cash equivalents if they are realisable into known amounts of cash from the date of acquisition within a period of: