List of top Accountancy Questions

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.
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:
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?
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:
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:
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:
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?
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:
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:
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:
If vendors are issued fully paid shares of \rupee 1,25,000 in purchase consideration of net assets of \rupee 1,50,000, the balance of \rupee 25,000 will be credited to:
State why do you need to change a chart? How can it be changed? Why is it said that changing a column chart to a pie chart is easy? Give reasons.