List of top Accountancy Questions

Gautam, Kunal and Abhay were partners in a firm sharing profits and losses in the ratio of 3:2:2. On 31st July, 2023, Gautam died. After all necessary adjustments, Gautam's capital account showed a credit balance of Rs 7,00,000. On 1st August, 2023 Gautam's executors were paid Rs 1,00,000 in cash and the balance was to be paid in two equal yearly instalments starting from 31st July, 2024, with interest @ 6% p.a. on the unpaid amount. The firm closes its books on 31st March every year.

Prepare Gautam's Executors Account till the amount is finally paid.

Gupta and Veena were partners in a firm sharing profits and losses in the ratio of 2:1. Gupta withdrew the following amounts from the firm for personal use during the year ending 31st March, 2025:

(i) For the first four months, he withdrew Rs 4,000 at the beginning of each month.

(ii) For the remaining months, he withdrew Rs 5,000 at the end of each month.

Interest on drawings was to be charged @ 6% p.a. The books of the firm are closed on 31st March every year. Calculate interest on Gupta's drawings for the year ending 31st March, 2025.

Average profits of a firm during the last few years were Rs 80,000. The normal rate of return in a similar business is 10%. If the goodwill of the firm is Rs 2,00,000 at four years purchase of super profit, find the capital employed by the firm.

Shanta Ltd. has an authorized capital of Rs 30,00,000 divided into equity shares of Rs 100 each. The company invited applications for issuing 28,000 shares. Applications for 27,000 shares were received and allotment was made to all the applicants in full. All calls were made and were duly received except on 300 shares on which the final call of Rs 20 per share was not received. The company forfeited 200 of these shares on which final call was not received.

What is Text Manipulation Function? Explain its syntax.

Write the steps to change format of selected chart element.

Name the error which will be displayed when a given number is divided by zero e.g. 25/0. State the reasons and the steps to be taken to correct this error.

What is meant by cell reference, absolute cell reference and relative cell reference?

Explain any three features of Computerized Accounting System.

Which chart element details the data values and categories below the chart:

Which of the following is not a part of equity and liability group of accounts?

Depreciation is generated from which of the following accounting sub-system:

Which type of software package is suitable for an organization where the volume of accounting transaction is very low and adaptability is very high?

What is used to build single formula with multiple results in Excel?

The following information has been obtained from the books of Naval Ltd. Trade receivables turnover ratio of the company is 4 times, cost of revenue from operations Rs 6,40,000; gross profit ratio 20%, closing trade receivables were Rs 20,000 more than that in the beginning, cash revenue from operations being 33-1/3% of credit revenue from operations. Calculate its opening and closing trade receivables.

Mainly the components of computer are:

Classify the following items under the main heads and sub-heads (if any) of the Company's Balance Sheet according to Schedule III, Part I of Companies Act, 2013:

(i) Outstanding expenses

(ii) Work-in-progress

(iii) Capital Advances

The statements which are useful both in intra firm comparison over different years and also in inter firm comparison for the same year or for several years are known as:

From the following Balance Sheet of Rama Ltd. as at 31st March, 2025, calculate cash flows from Investing Activities and cash flows from Financing Activities.

Notes to Accounts:

Additional Information:

(i) Depreciation amounting to Rs 80,000 was charged on plant and machinery during the year.

(ii) During the year a new machine costing Rs 8,00,000 was purchased and an old machine was sold at a profit of Rs 8,000.

(iii) Interest paid on debentures amounted to Rs 32,000.

From the following balance sheet of Benkley Ltd., prepare a Comparative Balance Sheet:

Balance Sheet of Benkley Ltd. as at 31st March, 2025

In common size income statement, each item is expressed as a percentage of ____.

Which of the following transactions is NOT a cash flow from investing activity?

Statement-I: Cash equivalents mean short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

Statement-II: An investment normally qualifies as a cash equivalent only when it has a short maturity period of three months or more from the date of acquisition.

Choose the correct alternative from the following:

Mitali and Karan were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet as on 31st March, 2025 was as follows:

On 1st April, 2025, Nitin was admitted for 1/4 share in the profits of the firm on the following terms:

(i) Nitin will bring Rs 3,00,000 as Capital and Rs 1,50,000 for his share of goodwill premium in cash.

(ii) Stock was sold at Rs 70,000.

(iii) Machinery was found to be overvalued by Rs 8,500.

(iv) All debtors were found to be good, hence provision for doubtful debts was not required.

(v) A liability of Rs 3,500 included in creditors is not likely to arise.

(vi) The market value of the investments was Rs 1,40,000.

(vii) The new profit sharing ratio between Mitali, Karan and Nitin will be 2:2:1.

Pass necessary journal entries for the above transactions on Nitin's admission.

Raghav, Meeta and Pranav were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their balance sheet as at 31st March, 2025 was as follows:

On 1st April, 2025, Pranav retired from the firm on the following terms:

(i) Plant and Machinery was found to be undervalued by Rs 20,000.

(ii) Furniture was revalued at Rs 1,62,000.

(iii) The provision for doubtful debts on debtors was to be created @ 5%.

(iv) Goodwill of the firm was valued at Rs 4,00,000 and the same was to be adjusted through the capital accounts of the remaining partners.

(v) Pranav was paid in cash brought in by Raghav and Meeta in such a way so as to make the capital proportionate to the new profit sharing ratio.

Prepare Revaluation Account and Partners' Capital Accounts.