List of top Accountancy Questions

Arora and Gurmeet were partners in a firm sharing profits and losses in the ratio of 3 : 2. Starting from 1st October, 2024 Arora withdrew ₹ 30,000 at the beginning of each quarter for his personal use. Interest on drawings was to be charged @ 12% per annum. Interest on Arora's drawings for the year ended 31st March, 2025 was:
According to the 'Going Concern' concept, assets are recorded at:
Comparative statements are also known as:
When debentures are issued as collateral security, the entry passed is:
Which of the following is considered a 'Financing Activity' in a Cash Flow Statement?
Income and Expenditure Account of a Non-Profit Organization is a:
A company forfeited 500 shares of ₹10 each, fully called up, for non-payment of allotment money of ₹3 per share and first and final call of ₹2 per share. The amount credited to the Share Forfeited Account is:
At the time of admission of a new partner, the balance in the Profit and Loss Account (Credit Balance) appearing in the books is transferred to:
On the dissolution of a partnership firm, which account is prepared to ascertain the net gain or loss on the sale of assets and payment of liabilities?
If Current Ratio is 2.5:1 and Working Capital is ₹60,000, the value of Current Assets is:
A partner withdraws ₹10,000 at the beginning of each quarter. If the rate of interest on drawings is 10% p.a., the interest on drawings for a year will be:
If a partner withdraws equal amount at the beginning of each quarter, what average period should be considered for interest on total drawings?
Under Section 37 of Indian Partnership Act, 1932, what is the right of outgoing partner if amount remains unpaid?
When partners decide not to revalue assets and liabilities at the time of death of a partner, Deceased Partner’s Capital Account is credited with revaluation gain and Gaining Partners' Capital Accounts are adjusted in:
At the time of death of a partner, balance of Investment Fluctuation Reserve after adjusting fall in investment value is treated as:
In the books of a partnership firm maintaining fluctuating capital accounts, which of the following appropriations or adjustments would result in a credit to the Partners' Current Accounts?
Sarvesh, Sriniketan and Srinivas are partners in ratio 5:3:2. If Sriniketan's share of profit is ₹1,50,000, find Sarvesh's share.
Final payment: Capital debit ₹50,000, profit ₹1,00,000, liability taken ₹8,000. Find payment.
If a company fails to receive minimum subscription within 120 days from the date of issue of the prospectus, in how many days should company refund the amount of application money from the date of issue of prospectus?
On dissolution, furniture book value ₹5,000 taken for ₹4,300. Which account is debited?
Ram, Manohar and Joshi were partners. Joshi died on 28 Feb 2018. His share of profit is calculated on average of 3 years profits. Find Joshi's share. Profits: 2015 = 8000, 2016 = 9000, 2017 = 10000
The production manager regularly conducts meetings with employees to discuss targets, clarify doubts and receive feedback.
The management element involved here is:
The manager of a company inspires employees, builds confidence among them and influences their behaviour to achieve organisational goals.
Which function of management is being performed?
M and N share profits in the ratio of 3:1. They admit O for 1/4th share. O acquires his share entirely from M.
The new profit-sharing ratio of M, N and O will be:
A and B are partners sharing profits in the ratio of 3:2. Their capitals after all adjustments are Rs. 3,60,000 and Rs. 2,40,000 respectively. C is admitted for 1/5th share and brings Rs. 1,50,000 as his capital.
The total capital of the new firm on the basis of C's capital will be: