List of top Accountancy Questions

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:

Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:

Vikalp Ltd.

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

ParticularsNote No.$31-03-2024$ (₹)$31-03-2023$ (₹)
I. Equity and Liabilities   
(1) Shareholders Funds   
(a) Share capital159,60,00050,00,000

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:

NoteParticulars$31-3-2023$ (₹)
No.  
1.Share Capital : 
 Authorised capital 
 9,00,000 equity shares of ₹ 10 each90,00,000
 Issued capital : 
 5,00,000 equity shares of ₹ 10 each50,00,000
 Subscribed capital : 
 Subscribed and fully paid up 
 5,00,000 equity shares of ₹ 10 each50,00,000
 Subscribed but not fully paid upNil
 50,00,000 

‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:

NoteParticulars$31-3-2024$ (₹)
No.  
1.Share Capital : 
 Authorised capital 
 9,00,000 equity shares of ₹ 10 each90,00,000
 Issued capital : 
 6,00,000 equity shares of ₹ 10 each60,00,000
 Subscribed capital : 
 Subscribed and fully paid up 
 5,80,000 equity shares of ₹ 10 each58,00,000
 Subscribed but not fully paid up 
 20,000 equity shares of ₹ 10 each, 
 fully called up2,00,000
 Less : calls in arrears 
 20,000 equity shares @ ₹ 2 per share40,000
 59,60,000 
  1. The total face value of equity shares issued during the year 2023-2024 was :
  2. The number of shares on which the called up amount was not received were :
  3. On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
  4. On forfeiture, ‘Share Forfeiture Account’ will be credited with :
  5. If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
  6. If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :

Alexia Limited invited applications for issuing 1,00,000 equity shares of ₹ 10 each at premium of ₹ 10 per share.
The amount was payable as follows:

  • On application ₹ 9 per share (Including premium ₹ 6 per share)
  • On allotment ₹ 8 per share (Including premium ₹ 4 per share)
  • On first and final call ₹ 3 per share.

Applications were received for 1,50,000 equity shares and allotment was made to the applicants as follows:
Category A: Applicants for 90,000 shares were allotted 70,000 shares.
Category B: Applicants for 60,000 shares were allotted 30,000 shares.
Excess money received on application was adjusted towards allotment and first and final call.
Shekhar, who had applied for 1200 shares failed to pay the first and final call. Shekhar belonged to category B.
Pass necessary journal entries for the above transactions in the books of Alexia Limited. Open calls in arrears and calls in advance account, wherever necessary.

Simar, Tanvi and Umara were partners in a firm sharing profits and losses in the ratio of 5:6:9. On 31st March, 2024 their Balance Sheet was as follows:

Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner: 
 

Pass necessary journal entries for the following transactions on dissolution of the firm of Sachin, Virat, and Rohit after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account:

(i) Sachin took over stock of book value of ₹ 80,000 at a discount of 10%.

(ii) Virat agreed to take over the firm's creditors of the book value of ₹ 70,000 at a valuation of ₹ 65,000.

(iii) Rohit took over his wife's loan of ₹ 3,00,000.

(iv) There was an old typewriter which had been written off completely from the books. It realised ₹ 10,000.

(v) Land and Building of the book value of ₹ 50,00,000 was sold for ₹ 70,00,000 through a broker who charged 5% commission on the deal.

(vi) Loss on realisation ₹ 30,000 was to be distributed between Sachin, Virat, and Rohit equally.

Sargam Limited issued 2,000, 9 debentures of Rs 500 each at a premium of 10. The amount was payable as follows:
On Application - Rs 200 per debenture
On Allotment - Balance (including premium)
The debentures were fully subscribed and all amounts were duly received.
Pass the necessary journal entries for issue of debentures in the books of Sargam Limited.
Ajanta Ltd. purchased machinery worth Rs 36,00,000 from Sujata Ltd. Ajanta Ltd. paid half the amount to Sujata Ltd. through a bank draft and the balance by issuing 8 debentures of Rs 100 each at a discount of 10.
Pass the necessary journal entries in the books of Ajanta Ltd. for the above transactions.
Apoorv Ltd. acquired building worth Rs 15,50,000, Machinery worth Rs 11,40,000 and Furniture worth Rs 1,10,000 from Dhruv Ltd. and took over its liabilities of Rs 2,00,000 for a purchase consideration of Rs 25,00,000. Apoorv Ltd. paid the purchase consideration by issuing 12% debentures of Rs 100 each at a premium of 25%.
Pass the necessary journal entries in the books of Apoorv Ltd. for the above transactions.

Aakash and Baadal entered into partnership on 1st October 2023 with capitals of Rs 80,00,000 and Rs 60,00,000 respectively. They decided to share profits and losses equally. Partners were entitled to interest on capital @ 10 per annum as per the provisions of the partnership deed. Baadal is given a guarantee that his share of profit, after charging interest on capital, will not be less than Rs 7,00,000 per annum. Any deficiency arising on that account shall be met by Aakash. The profit of the firm for the year ended 31st March 2024 amounted to Rs 13,00,000. 
Prepare Profit and Loss Appropriation Account for the year ended 31st March 2024.

The following journal entry appears in the books of Latvion Ltd.: 

The discount on issue of debentures is:

If the amount of debentures issued is more than the amount of the net assets taken over by a company, the difference will be treated as:
Debentures on which a company does not give any undertaking for the repayment of money borrowed are called:
According to Securities and Exchange Board of India (SEBI) guidelines, minimum subscription of capital cannot be less than 90 of:
The amount of share capital which a company is authorised to issue by its Memorandum of Association is known as:
Sakshi, Kiara and Gunjan were partners in a firm sharing profits and losses in the ratio of 3:2:1. Kiara retired on 1-4-2023. After all adjustments the amount due to Kiara was Rs 5,00,000. The payment was to be made in two yearly instalments of Rs 2,50,000 each plus interest @ 10 per annum on the unpaid balance. The amount of first instalment paid on 31-03-2024 will be:
Anisha, Deepa, and Charu were partners sharing profits and losses in the ratio of 5:3:2. On 31st March 2024, they decided to change their profit-sharing ratio to 2:3:5. Each partner's gain or sacrifice due to the change in profit-sharing ratio will be:
Pulkit and Ravinder were partners in a firm sharing profits and losses in the ratio of 3:2. Sikander was admitted as a new partner for a \( \frac{1}{5} \) share in the profits of the firm. Pulkit, Ravinder, and Sikander decided to share future profits in the ratio of 2:2:1. Sikander brought Rs 5,00,000 as his capital and Rs 10,00,000 as his share of premium for goodwill. The amount of premium for goodwill that will be credited to the old partners' capital accounts will be:
Assertion (A): The maximum number of partners in a partnership firm is 50.
Reason (R): By virtue of the Companies Act 2013, the Central Government is empowered to prescribe maximum number of partners in a firm. The Central Government has prescribed the maximum number of partners in a firm to be 50.
Choose the correct option from the following:
Suhas and Vilas were partners in a firm with capitals of Rs 4,00,000 and Rs 3,00,000 respectively. They admitted Prabhas as a new partner for a \( \frac{1}{5} \) share in future profits. Prabhas brought Rs 2,00,000 as his capital. Prabhas' share of goodwill will be:
Offer of securities or invitation to subscribe securities to a select group of persons by a company (other than by way of public offer) is known as:
Ajay Ltd. forfeited 100 shares of Rs 10 each for non-payment of first call of Rs 1 per share and second and final call of Rs 3 per share. The minimum price per share at which these shares can be reissued will be:
Emily, Farida and Gauri were partners in a firm sharing profits and losses in the ratio of 4:3:1. Farida was guaranteed Rs 35,000 as her share in the profits in the firm. Any deficiency arising on that account was to be met by Emily. The firm earned a profit of Rs 80,000 for the year ended 31st March 2024. The profit credited to Farida's capital account was:
Aman, Boman and Chetan were partners in a firm sharing profits and losses in the ratio of 5:3:2. Dinesh was admitted as a new partner who acquired his share entirely from Aman. Aman surrendered \( \frac{1}{5} \)th of his share in the profits to Dinesh. Dinesh was admitted for which of the following share in the profits of the firm?
Which of the following item is not included in cash and cash equivalents ?
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.
Choose the correct option from the following: