List of top Accountancy Questions

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 :

Satish was appointed to look after the dissolution work for which he was allowed a remuneration of ₹ 14,000. He agreed to take over the investment of the book value of ₹ 11,000 towards payment of his full remuneration. (Investments have already been transferred to Realisation A/c) Joumalize.

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

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.

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 ?

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

Capital employed by a Partnership firm is ₹ 5,00,00. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits of the firm will be :-

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

Which of the following is not a charge against profit ?

In the absence of partnership agreement, mutual relations of partners are governed by the ________

Arrange the following in the context of Accounting for partnership.
A. Preparation for Trading and Profit and Loss Account.
B. Calculation of divisble profit or Loss.
C. Preparation of profit and loss Appropriation Account.
D. Preparation of Balance Sheet.
E. Preparation of partner's capital Account.
Choose the correct answer from the given below :

A newly admitted partner has the right 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?

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as-

It is defined as any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. What is it?

A, B, C were partners in a partnership firm their profit sharing ratio was 5:3:2. B retires and the new profit sharing ratio between A and C was 3:2. Calculate gaining ratio.

Identify that will lead to dissolution of partnership

Arrange the following in the context of Statement of Profit and Loss.
A. Other income
B. Expenses
C. Total Revenue
D. Revenue from operation
E. Profit before tax and extra-ordinary item
Choose the correct answer from the options given below:

From the trial balance and other information provided by school for the year ended 31st March 2017.Answer the question.

Debit Balance	Amount (₹)	Credit Balance	Amount (₹)
Building	6,25,000	Admissions fees	12,500
Furniture	1,00,000	Tuition fees received	5,00,000
Library Books	1,50,000	Creditors for supplies	15,000
Investment @12%	5,00,000	Rent for the school hall	10,000
Salaries	5,00,000	Miscellaneous receipts	30,000
Stationery	40,000	Government grant	3,50,000
General expenses	18,000	General fund	10,00,000
Sports expenses	15,000	Donation for library books	62,500
Cash at bank	50,000	Sale of old furniture	20,000
Cash in hand	2,000
	20,00,000		20,00,000

Additional Information:
i. Tuition fee yet to be received for the year are ₹25,000.
ii. Salaries yet to be paid amount to ₹30,000.
iii. Furniture costing 40,000 was purchased on October 1,2016.
iv. The book value of the furniture sold was ₹50,000 on April 1, 2016
v. Depreciation is to be charged @ 10%p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.

Eicher Ltd. issued 50,000 shares of 10 each at a premium of 15 per share payable as follows:
On application     ₹3 per share
 On allotment       ₹5 (including 3 Premium)
 On First Call         ₹5 (including 2 Premium)
On Final Call          Balance amount
Application were received for 72,000 shares. Directors allotted 50,000 shares to the applicants applying for 65,000 shares, the remaining applications being refused. Money overpaid on application was utilised towards sum due on allotment. All the money was duly received with the exception of first call from Rahul, who applied for 2,600 shares. Due to nonpayment of I^st call his share were forfeited immediately. Later on these share were re-issued at minimum issue price. 
  On the basis of following case study, answer the question.