List of top Accountancy Questions

Aditi, Sukriti, and Niti were partners sharing profits in the ratio of 2 : 2 : 1. Sukriti died on 30th June, 2023. Net profit for the year ended 31st March, 2023, was |4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of the previous year’s profit, the amount of profit credited to Sukriti’s Capital Account will be:
Pawan, a partner, was appointed to look after the process of dissolution of the firm for which he was allowed a remuneration of rupee 75,000. Pawan agreed to bear the dissolution expenses. Actual dissolution expenses rupee 60,000 were paid by Pawan. Pawan’s capital account will be credited by:
A partnership firm has 45 partners. It wants to admit 7 more partners into partnership. Only ...... more partners can be admitted in the partnership firm according to Companies Act, 2013.
Rohit, Udit, and Mohit were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Mohit retired. The balance in his capital account after making the necessary adjustments on account of reserves and revaluation of assets and liabilities was rupee 1,80,000. Rohit and Udit agreed to pay him rupee 2,00,000 in full settlement of his claim. Mohit’s share of goodwill in the firm was:
A, B and C were partners in a firm sharing profits and losses in the ratio of 1 : 2 : 3. D was admitted in the firm for 1/6th share. C would retain his original share. The new profit sharing ratio will be:
Raghav Ltd. forfeited 100 shares of rupee 10 each issued at a premium of 20% for non-payment of first call of rupee 3 per share and final call of rupee 1 per share. The minimum price per share at which these shares can be reissued will be:
On dissolution of a partnership firm, if realisation expenses are paid by the firm on behalf of a partner, then such expenses are debited to which of the following account:
Anvi, Vani, and Karan were partners in a firm sharing profits in the ratio of 2:2:1. Their fixed capitals were |4,00,000, |5,00,000, and |6,00,000 respectively. For the year ended 31st March, 2023, interest on capital was credited to the part- ners’ capital accounts @ 6% p.a. instead of 10% p.a. Pass the necessary adjusting journal entry.
Mahesh, Ramesh and Naresh were partners in a firm sharing profits in the ratio of 5 : 3 : 2. From 1st April, 2023, they decided to share profits equally. On that date, there was a balance of |3,60,000 in General Reserve and a debit balance of |1,80,000 in the Profit and Loss Account. Pass single adjustment Journal entry for the above on account of change in the profit-sharing ratio.
Ravi, Guru, Mani and Sonu were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2023, Sonu retired. On Sonu’s retirement, the Goodwill of the firm was valued at |1,40,000. The new profit sharing ratio among Ravi, Guru and Mani was 5 : 5 : 1. Showing your workings clearly, pass necessary Journal entry for the treatment of Goodwill in the books of the firm on Sonu’s retirement without opening goodwill account.
Chavi Ltd. purchased machinery from Neo Ltd. It was agreed that the purchase consideration will be paid by issuing 10,000 equity shares of rupee10 each at a premium of 10% and a bank draft of rupee50,000. Pass the necessary Journal entries in the books of Chavi Ltd. for the above transactions.
Maira and Shreya were partners in a firm. They earned an average profit of rupee 2,00,000 during the last few years. The normal rate of profit in the similar type of business is 10%. The value of assets and liabilities of the business were rupee 18,00,000 and rupee 3,00,000 respectively. Calculate the value of goodwill of the firm by super profit method if it is valued at 3 years purchase of super profit.
On 1st April 2023, Khyati Ltd. was formed with an authorised capital of |20,00,000 divided into 2,00,000 equity shares of |10 each. The company invited applications for issuing 1,80,000 equity shares. The company received applications for 1,70,000 equity shares. During the first year, |8 per share were called and final call of |2 per share has not been made yet. Siya holding 2,000 shares and Piya holding 4,000 shares did not pay the first call of |2 per share. All the shares of Siya and Piya were forfeited after the first call. Prepre the share capital in Balance Sheet of Khyati Ltd. as per Schedule III, Part I of Companies Act, 2013 and also prepare ’Notes to Accounts’ for the same.
Madhav, Raghav and Purav were partners in a firm sharing profits and losses in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:
Madhav, Raghav and Purav
Purav died on 30th September, 2023. According to Partnership deed, his legal representatives are entitled to the following:
(i) Balance in his Capital Account.
(ii) Share of profit up to the date of death to be calculated on the basis of last year’s profit.
(iii) Share of goodwill calculated on the basis of three years purchase of average profits of last four years.
(iv) Interest on capital @12% p.a.
Purav’s share of profit was |3,000, and the average profit of the last four years was |50,000. Purav’s drawings up to the date of death were |10,000. Prepare Purav’s Capital Account to be rendered to his legal representatives.
Murari Ltd. invited applications for issuing 80,000 equity shares of rupee10 each at a premium of rupee4 per share. The amount per share was payable as follows: rupee5 on application and rupee9 (including premium) on allotment. Applications were received for 1,40,000 shares and allotment was made on pro-rata basis to all the applicants. Money overpaid on application was utilised towards sums due on allotment. The allotment money was duly received except from Sameer who had applied for 1,400 shares. His shares were forfeited. Pass the necessary journal entries in the books of Murari Ltd. to record the above transactions. Open calls-in-arrears account wherever required.
Kavya Ltd. invited applications for issuing 30,000 shares of rupee10 each at a premium of rupee2 per share. The amount was payable as follows: On application and allotment rupee7 per share, On first and final call rupee5 per share (including rupee2 premium). Applications were received for 33,000 shares. Applications for 3,000 shares were rejected, and money returned to the applicants. Applications for 30,000 shares were accepted in full. The application and allotment money was duly received. The first and final call was made and money received except from a shareholder holding 500 shares. His shares were forfeited. All these shares were re-issued to Kartik as fully paid for rupee8 per share. Pass necessary journal entries for the above transactions in the books of Kavya Ltd. Open calls-in-arrears account wherever required.
Shyam Sunder Ltd. is a financing company. Under which of the following activity will the amount of ‘Interest paid on loan’ be shown:
Tax paid during the year ended 31st March, 2023 was rupee 15,000. While calculating Net Profit before Tax and Extraordinary items, the amount of provision for tax to be added is .......
Tax paid during the year ended
When Current Ratio is 4 : 1, Current Assets are rupee 60,000 and Quick Ratio is 2.5 : 1, the amount of ‘Inventory’ will be:
Which of the following transactions will result in a flow of cash?
Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?
(i) Patents
(ii) Capital Reserve
(iii) Prepaid Rent
From the following information, calculate the Working Capital Turnover Ratio: 
Gross Profit Ratio -\( 25\% \)
Gross Profit - rupee 5,00,000 
Shareholders' Funds - rupee 25,00,000 
Non-current Liabilities - rupee 8,00,000 
Non-current Assets - rupee 23,00,000 
From the following Statement of Profit and Loss of Shikha Ltd., prepare Comparative Statement of Profit and Loss for the year ended 31st March, 2023:
Profit and Loss of Shikha Ltd.,
From the following information, prepare a Common Size Statement of Profit and Loss of A Ltd. and B Ltd. for the year ended 31st March, 2023:
Common Size Statement of Profit and Loss of A Ltd. and B Ltd.
From the following Balance Sheet of Yogita Ltd., calculate ‘Cash flows from Investing Activities’ and ‘Cash flows from Financing Activities’. Show your working properly.
Yogita Ltd.,
Yogita Ltd.,
Additional Information: 
(i) rupee50,000 was charged as depreciation on Plant and Machinery. A machinery costing rupee60,000 (Book Value Rupees 45,000) was sold for Rupees 42,000. 
(ii) Bank loan was repaid on 1st April, 2022.