List of practice Questions

Akshay, Reet and Manya were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. With effect from 1st April, 2024, they decided that in future, they will share the profits and losses in the ratio of 2 : 4 : 3. Identify the gain or sacrifice by the partners due to change in the profit sharing ratio from the following:

Nandan and Abhinandan were partners in a firm. They admitted Govindan as a new partner for \( \frac{1}{3}^{\text{rd}} \) share in the profits. On Govindan’s admission, the Balance Sheet of the firm showed sundry debtors at 3,00,000 and a provision for bad debts at 24,000. It was decided to maintain the provision for bad debts at 10% of the debtors. Which of the following journal entries will show the correct accounting treatment for the above transactions?

Pooja and Kumari were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 1st April, 2023, Noori was admitted for a new partner \( \frac{1}{4} \) share in the profits of the firm. Noori was guaranteed a minimum profit of 1,20,000. Any deficiency on this account was to be borne by Pooja and Kumari in their profit sharing ratio. During the year ended 31st March, 2024, the firm earned a net profit of 3,60,000. The amount of deficiency borne by Pooja will be:

State the steps to import data from a text file.
Explain the following:
(i) Memo Voucher
(ii) Post-dated Voucher
(iii) User Defined Voucher
With the help of an example explain sequential code and block code.
‘A business data needs to be guarded from its competitors.’ Explain which features of Computerised Accounting System help a business to maintain its secrecy.
Explain ‘Generic’ and ‘Customised’ accounting software.
Individual values represented by bars, columns, lines, pie or various forms plotted on a chart are known as:
How is navigation conducted from first to last cell in a cluster of data in a column by skipping all the cells in between?
MS Excel considers which of the following group of mathematical operations to be of equal importance?

From the following information extracted from the books of Kant Ltd., calculate ‘Cash Flows from Operating Activities’.

Computerised Accounting System rests on Five Pillars: Data, People, Procedure and _____, _____.
Identify the blank pillars from the following:
Calculate Current Assets and Quick Assets of Beeta Ltd. from the following information:
  • Quick Ratio = 0.75 : 1
  • Current Liabilities = 6,00,000
  • Revenue from Operations = 4,00,000
  • Gross Profit Ratio = 20% of Revenue from Operations
  • Inventory Turnover Ratio = 4 times
  • Closing Inventory is 40,000 more than Opening Inventory
Under which major heads and sub-heads will the following items appear in the Balance Sheet as per Schedule III, Part I of the Companies Act, 2013? (i) Capital Reserve
(ii) Trade Payables
(iii) Goodwill
Statement I: Sale of marketable securities will result in flow of cash.
Statement II: Cash flow implies movement of cash in and out due to some non-cash items.
Choose the correct option from the following:

From the following information, prepare a Comparative Statement of Profit and Loss of X Ltd. for the year ended 31st March, 2024.

Which of the following transactions will result in ‘Cash Flows from Operating Activities’?
‘Sale of Patents’ will result in:
The Current Ratio of Manas Ltd. is 2 : 1. Which of the following transactions will reduce the current ratio?
The statement which expresses all items of a financial statement as a percentage of some common base is:
If the operating ratio of Sana Ltd. is 28%, its operating profit ratio will be:
‘Share Forfeiture Account’ will appear under subscribed capital at:
The issued capital of the company is:
Total amount of ‘Subscribed and fully paid-up’ capital will be: