List of top Accountancy Questions

Identify the correct sequence to be followed at the time of Death of Partner :
A. Calculation of gaining Ratio.
B. Treatment of goodwill
C. Calculation of new Profit Ratio
D. Calculation of Amount transferred to Decreased Partner's Executor
E. Preparation of deceased Partner Capital Account
Choose the correct answer from the options given below :

The old profit sharing ratio among A, B and C were 2:2:1. The new Profit sharing ratio after B's retirement is 3:2. The gaining ratio is-

Data Ltd. purchased assets of the book value ₹ 4,00,000 and took over the liability of ₹ 50,000 from Sona Ltd. It was agreed that purchase consideration will be settled by cheque of ₹ 1,00,000 and by issue of ₹ 2,00,000. 10% debentures at premium of 25%. The Amount of goodwill/capital reserve will be

Company issues 10,000, 12% debentures of ₹ 100 each at par, redeemable at premium of 5% after 5 years. At the time of allotment; journal Entry will be :

Debentures can be redeemed in following ways except :-

Royan Ltd. issued 1,00,000 9% debentures of ₹100 each to public. Issue was subscribed. The amount will be shown as :

Given below are the extracts of information from Financial statements of Zucca Ltd.

Particular	2020-21	2021-22
Equities and Liabilities
Share holder's funds
Reserve and Surplus (Statement of Profit and Loss)	4,00,000	7,00,000
Current liabilities :- Dividend Payable		40,000

Calculate amount of Net Profit after tax, if an interim dividend of ₹ 2,00,000 was declared and paid.

Arrange the following in the context of Issue of shares
A. Making calls on shares
B. Reissue of fortified shares
C. Calls in Arrear
D. Transferring profit on reissue of shares to Capital Reserve
E. Forfeiture of shares
Choose the correct answer from the options given below :

The term 'record' as applied to a database table mean :

Match List I with List I

List I		List II
A.	Revaluation Reserve	I.	Share Capital
B.	Issued Capital	II.	Other Non current Assets
C.	Discount on issue of debentures	III.	Inventories
D.	Loose tool	IV.	Reserve and Surplus

Choose the correct answer from the options given below :

Method of codification should be :

Which of the following item is not considered as cash and cash equivalent ?

From the following Particulars, calculate cash flow from investing activities :-
A plot of land been purchased for investment purpose and was let out for commercial use and rent received ₹ 30,000.
Interest paid on debentures ₹ 60,000
Purchase of Plant ₹ 4,40,000
Goodwill written off ₹ 20,000
Sale of Land ₹ 5,00,000

On a Dissolution of a firm, repayment of Partner's loan to the firm will be shown in :

At the time of dissolution of partnership firm, debtors were realised at a discount of 5% (Book value was ₹ 48,000), Amount realised at the time of dissolution was -

As per the Financial Statement of X ltd, its shareholder's funds are ₹ 25,00,000. Non current liabilities are ₹ 4,80,000 and current liabilities are ₹ 10,00,000. Non current assets are ₹ 13,80,000. Working capital of the company is :

At the time of retirement of a Partner, gain on revaluation will be credited to :

Alia and Deepika are partners in a firm. They admitted Priyanka into partnership giving her \(\frac{1}{5}\)th share which she acquired from Alia and Deepika in the ratio of 1:2. What will be the new profit sharing ratio ?

Radhika and Raman are the partners in a firm sharing Profits in the ratio of 7:3. They admitted Kamal as a new partner for \(\frac{1}{10}\)th share. Kamal brings ₹ 19,75,000 as his capital and necessary share for premium for goodwill. It was agreed to value the goodwill at 3 years purchase of super profit. During the year, the firm earned a profit of ₹ 4,50,000 and capital employed ₹ 17,50,000. If normal rate of return is 15%, calculate the amount that Kamal should bring in for goodwill.

At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transformed to :-

Under which system of Branch Accounting, branch account is opened for each branch separately in the books of the head office?

Which element of auditing establishes the correspondence of actual facts or details with those represented in accounts?

Mr. Amit is a charted accountant in practice. His sister's husband holds equity shares in ABC limited. State whether Mr. Amit is qualified or disqualified to be an auditor of ABC limited as per which section of companies Act, 2013?

Which of the following in not a type of flow represented in a channel of distribution?

Which among the following is not the element of prime cost?