List of top Accountancy Questions

A, B and C are partners sharing profits in the ratio of \(5 : 3 : 2\). If C retires, the New Profit Sharing Ratio between A and B will be :
Fill in the blank by choosing the appropriate answer from the choices:
6. Partnership comes into existence as a result of ________ among the partners.
Issued capital is a part of :
On dissolution of a firm, Partner's Loan Account is transferred to ________ Account.
Old Ratio \(-\) New Ratio = ________ Ratio.
Following is an extraordinary item :
In order to form a partnership, there should be atleast :
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:
Samta, Mamta and Geeta were partners in a firm sharing profits and losses in the ratio of 11 : 5 : 4. On 31st March, 2025 Samta died. On Samta's death, the goodwill of the firm was valued at ₹ 1,80,000. The necessary journal entry for the treatment of goodwill on Samta's death will be :

Shashi, Maya and Komal were partners in a firm sharing profits and losses in the ratio of 5 : 3 : 2. On 31st March, 2025 Komal retired. The new profit sharing ratio between Shashi and Maya was decided as 3 : 5. The gain or sacrifice of Shashi and Maya on Komal's retirement was :
Aashree and Manvi were partners in a firm and their capitals were ₹ 6,00,000 and ₹ 4,00,000 respectively. Normal rate of return in a similar business was 15% and the goodwill of the firm was valued at ₹ 3,00,000. If goodwill was calculated at three years purchase of super profits, the average profits of the firm were :
The following information is obtained from the books of Devdutt Ltd. : Working capital - ₹ 4,00,000
Trade Payables - ₹ 50,000
Other Current liabilities - ₹ 1,00,000
Current assets of Devdutt Ltd. are :
At the time of forfeiture of shares, ‘Share Capital Account’ is debited with:
Calls in arrears of the company amounted to :
How is navigation conducted from the first to the last cell in a cluster of data in a column by skipping all the cells in between?
The Issued capital of Diwan Ltd. is :
During the year ended 31st March, 2025, H.P. Ltd. paid an interim dividend of ₹ 50,00,000. From the following, choose the correct option for the purpose of preparing 'Cash Flow Statement':
The amount of 'Share Capital' presented in the Balance Sheet of Diwan Ltd. will be:
'Analysis of financial statements is useful and significant to different users.' Which of the following users is concerned with a firm's long-term solvency and survival?
The PMT function in MS Excel is used to:
Munna and Sonu were partners in a firm sharing profits and losses in the ratio of 4 : 1. Their fixed capitals were ₹ 40,00,000 and ₹ 30,00,000 respectively. During the year ended 31st March, 2025, Munna withdrew ₹ 50,000 for personal use. Interest on drawings was to be charged @ 6% p.a. The journal entry for charging interest on Munna’s drawings will be :
From the following information obtained from the books of accounts of Ananda Ltd., calculate 'Quick Ratio' of the company: Total Current Assets (including stock and prepaid expenses) ₹ 2,00,000; Stock ₹ 20,000; Prepaid expenses ₹ 10,000; Current liabilities ₹ 1,70,000.
If all the forfeited shares are reissued at ₹30 per share, fully paid-up, the amount transferred to 'Capital Reserve' will be:
Anchal, Prabhat and Karan were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. On 31st March, 2025, Anchal retired. The balance in her capital account after making the necessary adjustments on account of reserves and revaluation of assets and reassessment of liabilities was ₹ 5,10,000. Anchal was paid ₹ 5,90,000 in full settlement of her claim. The value of goodwill of the firm on the date of Anchal’s retirement was :
Guru and Prakash were partners in a firm sharing profits and losses in the ratio of 7 : 3. They admitted Anu as a new partner for 1/4th share in the profits of the firm. On the date of Anu's admission, the Profit and Loss Account of Guru and Prakash showed a credit balance of ₹ 40,000. The necessary journal entry for its treatment will be: