List of top Accountancy Questions on Miscellaneous

Raju, Sohan, and Tina are partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Tina is guaranteed a minimum amount of ₹40,000 as a share of profit every year. Any deficiency arising on that account shall be borne by Raju. If profit of the firm for the year ended 31st March, 2023 is ₹1,60,000, Raju will bear a deficiency of:
 

On 1st April, 2022, Mega Ltd. issued 30,000, 10% Debentures of ₹100 each at a discount of 10%. The total amount of interest due on debentures for the year ending 31st March, 2023 will be:} 
 

On 1st January, 2023, Abhishek, a partner, advanced a loan of ₹ 3,00,000 to the firm. In the absence of a partnership agreement, the amount of interest on the loan for the year ending 31\textsuperscript{st} March, 2023 will be:
 

Madhu, Raj, Atul, and Prachi were partners in a firm sharing profit and losses in the ratio of 3:2:4:1. With effect from 1st April, 2023, they decided to share profits and losses equally. Their Balance Sheet showed a General Reserve of ₹1,00,000. The goodwill of the firm was valued at ₹20,00,000. Pass necessary journal entries for the above on account of change in the profit-sharing ratio. Show your working clearly.

Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Sharma and Verma after the various assets (other than cash and bank balance) and outside liabilities have been transferred to Realisation Account: 
(i) Sharma paid creditors ₹ 34,000 in full settlement of their claim of ₹ 40,000. 
(ii) Verma agreed to pay his wife’s loan of ₹ 8,000. 
(iii) There was an old typewriter which had been written off completely from the books. It was estimated to realise ₹ 3,000. It was taken over by Verma at the estimated price less 20%. 
(iv) Neelu, an old customer whose account for ₹ 1,500 was written off as bad debt in the previous year, paid 80% of the amount. 
(v) Dissolution expenses amounting to ₹ 8,000 were paid by Sharma. (vi) Loss on realisation ₹ 40,000 was to be distributed between Sharma and Verma in their profit-sharing ratio of 3:2. 
 

Pass necessary journal entries for issue of debentures for the following transactions: 
(i) Suhavo Ltd. issued 10,000, 11% Debentures of ₹ 100 each at a discount of 10%, redeemable at a premium of 5%. 
(ii) Mudit Ltd. issued 20,000, 9% Debentures of ₹ 100 each at a premium of 5%, redeemable at a premium of 10%. 
(iii) Sudip Ltd. issued 30,000, 8% Debentures of ₹ 100 each at par, redeemable at a premium of 5%. 
 

Sanju and Manju were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet on 31^st March, 2023 was as follows:

$$\begin{array}{|l|r|l|r|} \hline \textbf{Liabilities} & \textbf{Amount (₹)} & \textbf{Assets} & \textbf{Amount (₹)} \\ \hline \text{Capitals:} & & \text{Plant and Machinery} & 80,000 \\ \quad \text{Sanju} & 1,40,000 & \text{Furniture} & 1,32,000 \\ \quad \text{Manju} & 1,20,000 & \text{Investments} & 60,000 \\ \quad \text{Total Capitals} & 2,60,000 & \text{Debtors} & 76,000 \\ \text{General Reserve} & 40,000 & \text{Less: Provision for doubtful debts} & (4,000) \\ \text{Creditors} & 1,80,000 & \text{Cash at Bank} & 1,36,000 \\ \hline \text{Total Liabilities} & 4,80,000 & \text{Total Assets} & 4,80,000 \\ \hline \end{array}$$ 

Adjustments:
- Furniture was to be depreciated by ₹6,000.
- Investments were valued at ₹72,000.
- Plant and Machinery was taken over by Sanju and Manju in their profit-sharing ratio.
- Uday will bring in proportionate capital and ₹10,000 as his share of goodwill premium in cash.

$\_\_\_\_\_\_$ is also known as Acid-Test Ratio.