List of top Accountancy Questions

Zubin, Nidhi and Reena were partners in a firm sharing profits and losses in the ratio of 2:1:2. The firm closes its books on 31st March every year. On 31st July, 2025 Reena died. Her share in the profits of the firm from the last balance sheet till the date of death was to be calculated on the basis of previous year's profit. The profit of the firm for the year ended 31st March, 2025 was Rs 6,00,000. Reena's share of profit till the date of her death was:

Sameer, Rajat and Aastha were partners in a firm sharing profits and losses in the ratio of 2:3:1. Rajat retired from the firm on 31st March, 2025. On the date of Rajat's retirement, the Balance Sheet of the firm showed a balance of Rs 2,40,000 in Workmen Compensation Fund. The claim on account of workmen compensation amounted to Rs 1,80,000. The amount credited to Rajat's capital account on the treatment of Workmen Compensation Fund would be:

When the company issues shares at a premium, the amount of premium can be received by the company along with:

Hira Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of 10%. The whole amount was payable with application. Applications were received for 4,00,000 equity shares. The company decided to allot the shares on pro-rata basis to all the applicants. The amount refunded by the company was:

As per Companies Act 2013, the balance in Securities Premium Account cannot be utilized for:

In case of dissolution of a partnership firm, the losses, including deficiencies of capital, shall be paid first:

Kabir, Divya and Mansha were partners in a firm sharing profits and losses in the ratio of 5:4:1. With effect from 1st April 2025, they decided to share the future profits and losses in the ratio of 4:1:5. For this purpose, the goodwill of the firm was valued at Rs 3,00,000. The necessary journal entry for the treatment of goodwill because of change in profit sharing ratio will be:

Dilshad, Ajit and Deepna were partners in a firm sharing profits and losses in the ratio of 2:2:1. Their fixed capitals were: Rs 5,00,000, Rs 4,00,000 and Rs 1,00,000 respectively. After closing the accounts for the year ended 31st March 2025, it was discovered that interest on partners' capitals was provided @ 6% p.a. instead of 7% p.a. The adjustment entry to rectify the above error will be:

Navya, Kartik and Samir were partners in a firm sharing profits and losses in the ratio of 4:3:1. Samir was given a guarantee that his share of profit in any year will not be less than Rs 57,000. Any deficiency on this account was to be borne by Navya and Kartik equally. The firm earned a profit of Rs 4,00,000 during the year ended 31st March, 2025. The amount of deficiency borne by Kartik was:

Nandita and Prabha were partners in a firm manufacturing furniture. They were sharing profits and losses in the ratio of 8:7. During the year ended 31st March 2025, Nandita withdrew Rs 80,000 in cash and Rs 20,000 as furniture for her personal use. The partnership deed provided for charging interest on partner's drawings @ 6% p.a. The amount of interest on Nandita's drawings for the year ended 31st March 2025 was:

How will you combine multiple cells into one in MS-Excel? What steps will you follow to reverse the process? Explain.

On 1st April 2024, Yash Ltd. invited applications for issuing 20,000, 9% debentures of Rs 100 each at a discount of 6%. These debentures were repayable at a premium of 10% after five years. The issue was fully subscribed and the debentures were allotted in full to all the applicants. On 31st March, 2025 the company had a balance of Rs 1,80,000 in its Securities Premium Account.

Pass necessary journal entries for the issue of 9% Debentures and writing off Loss on issue of Debentures. Also prepare 'Loss on Issue of Debentures Account'.

Sudhir and Rajeev were partners in a firm sharing profits and losses in the ratio of 4:3. Their partnership deed provided that Sudhir will be allowed a commission of 7% of the net profit.

The net profit of the firm for the year ended 31st March, 2025 was Rs 1,00,000.

Pass necessary journal entries for allowing commission to Sudhir and transferring the same to Profit and Loss Appropriation Account.

For the year ending 31st March, 2025 Gavi Ltd. made a profit of Rs 8,00,000 after charging depreciation of Rs 50,000 on fixed assets and transferring Rs 1,15,000 to general reserve.

Goodwill written off during the year was Rs 75,000. During the year the company sold machinery of the book value of Rs 2,00,000 at a gain of Rs 30,000. During the year, the trade receivables decreased by Rs 20,000 and trade payables increased by Rs 25,000. Prepaid expenses decreased by Rs 1,000 and outstanding rent increased by Rs 5,000.

Calculate Cash flows from operating activities.

Average profit of a firm during the last few years is Rs 4,00,000. In similar business, the normal rate of return is 10% of the capital employed. Assets of the business were Rs 50,00,000 and its external liabilities were Rs 20,00,000.

Calculate the value of goodwill by:

(i) Capitalisation of super profits method

(ii) Super profits method if the goodwill is valued at three years purchase of super profits.

Suvan and Shivam were partners in a firm sharing profits and losses in the ratio of 3:7. On 31st March, 2025, their Balance Sheet was as follows:

Balance Sheet of Suvan and Shivam as on 31st March, 2025

On the above date the firm was dissolved. Stock realised Rs 1,30,000 and debtors realised Rs 1,15,000. Plant and Machinery was taken over by Shivam for Rs 3,40,000. Expenses of realisation amounting to Rs 3,000 were paid by Suvan.

Prepare Realisation Account and Partners' Capital Accounts.

On 1st April, 2024, Rajat Ltd. issued 6,000, 10% debentures of Rs 100 each at a discount of 8%. The total amount of interest due on debentures for the year ended 31st March, 2025 will be:

The books of Ashish and Vishesh showed that their capital employed on 31st March, 2025 was Rs 4,00,000. If the normal profits are Rs 60,000 and super profits are Rs 40,000, the normal rate of return is:

From the following Balance Sheets of Bijoy Ltd. as at 31st March 2024 and 2025, prepare a Comparative Balance sheet:

What is data formatting? What tools are used to format a data? Explain.

Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of the company as per Schedule III Part I of the Companies Act 2013:

(i) Vehicles
(ii) Provision for taxation
(iii) Work in progress

On 1st April, 2024 Divya Ltd. invited applications for issuing 10,000, 8% debentures of Rs 10 each at a discount of 6%. These debentures were redeemable at a premium of 10% after five years. The issue was fully subscribed and the debentures were allotted in full to all the applicants. On 31st March, 2025 the company had a balance of Rs 9,000 in its Securities Premium Account.

Pass necessary journal entries for the issue of 8% Debentures and writing off Loss on issue of Debentures. Also prepare 'Loss on Issue of Debentures Account'.

Average profit of a firm during the last few years is Rs 11,00,000. In similar business, the normal rate of return is 10% of the capital employed. Assets of the business were Rs 90,00,000 and its external liabilities were Rs 10,00,000.

Calculate the value of goodwill by:

(i) Capitalisation of super profits method

(ii) Super profits method if the goodwill is valued at four years purchase of super profits.

Seema and Raveena were partners in a firm sharing profits and losses in the ratio of 11:9. On 31st March, 2025, their Balance Sheet was as follows:

Balance Sheet of Seema and Raveena as on 31st March, 2025

On the above date the firm was dissolved. Plant and Machinery was sold at 20% less than the book value and stock at Rs 3,90,000. Debtors were realised in full. Raveena agreed to bear all realisation expenses for which she was allowed a commission of Rs 10,000. Actual realisation expenses amounted to Rs 8,000.

Prepare Realisation Account and Partners' Capital Accounts.

Aditya and Anand were partners in a firm sharing profits and losses in the ratio of 4:1. The partnership deed provided that Anand is to be allowed a commission of 10% on net profit. The net profit of the firm for the year ended 31st March, 2025 was Rs 2,00,000.

Pass necessary journal entries for allowing commission to Anand and transfer of the same to Profit and Loss Appropriation Account.