List of top Accountancy Questions

Balance of Debenture Redemption Reserve is transferred to which account after the redemption of all debentures?
When realisation expenses are paid by a partner on behalf of the firm, then :
As per the requirements of the user, Excel gives an option to change chart elements. State the options available to change the 'Shape Outline'.
What is meant by 'Data Validation'? What is facilitated by 'Error Alert Tab'?
Each and every data from Notepad file can be saved as an Excel data file. This provides a lead that Excel worksheet consists of four types of data in cell. Name and state these data types.
What is meant by 'Data', 'Information' and 'Transaction' ?
List six features of an Accounting Software.
The need for codification is for :
Which of the following is not an advantage of Computerised Accounting System ?
To see all the available shape styles, which of the following button is to be clicked ?
Which of the following item is not included in Account group - loans (liabilities) in the Account group of Balance Sheet ?
To safeguard assets and optimise the use of resources of a business :
Which of the following is an adjustment voucher normally used for non-cash transaction ?
Which of the following statements is incorrect?
Moon Ltd. issued 4,000, 10% debentures of ₹ 100 each at a premium of 10% redeemable at par after 5 years.
Pass journal entries in the books of the company for issue of debentures.
The capital of the firm of Sumit and Asha is ₹ 20,00,000 and the market rate of interest is 12%. Salary of each partner is ₹ 20,000 per annum.
The profits of the last three years were ₹ 3,00,000, ₹ 2,60,000 and ₹ 4,00,000 respectively.
Goodwill of the firm is to be valued on the basis of four years' purchase of last three years’ average super profits.
Calculate the goodwill of the firm.
Vidhi, Manas and Ansh were partners sharing profits and losses in the ratio of 2 : 3 : 5. Ansh was given a guarantee that his share of profits in any given year would not be less than ₹ 1,20,000. Deficiency, if any, would be borne by Vidhi and Manas equally. Profits for the year ended 31st March, 2024 amounted to ₹ 2,00,000.
Pass necessary journal entries in the books of the firm for division of profits.
Prime Ltd. took over assets of ₹ 6,00,000 and liabilities of ₹ 1,00,000 of Rabi Ltd. for a purchase consideration of ₹ 3,60,000. Prime Ltd. issued 10% debentures of ₹ 100 each at a discount of 10% in full satisfaction of purchase consideration.
Pass necessary journal entries in the books of Prime Ltd.
Delight Ltd. purchased assets worth ₹ 4,00,000 and took over liabilities of ₹ 70,000 of Marvel Ltd. for a purchase consideration of ₹ 3,60,000. Delight Ltd. paid the purchase consideration by issuing 11% debentures of ₹ 100 each at a premium of 20%.
Pass necessary journal entries in the books of Delight Ltd.
When the partners’ capitals are fixed, the drawings made by a partner are recorded on the :
Varsha, Aryan and Nimit were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Varsha retired and surrendered 1/3rd of her share in favour of Aryan and the remaining share in favour of Nimit. The new profit sharing ratio between Aryan and Nimit will be :
From the following information, calculate Cash Flows from Financing Activities :
Particulars 31-03-2024 (₹)31-03-2023 (₹)
Equity Share Capital12,00,0008,00,000
11% Debentures3,00,0004,00,000
Securities Premium1,40,0001,00,000
Additional Information :
Interest paid on debentures amounted to ₹ 40,000.
From the following information, calculate Cash Flows from Investing Activities :
Particulars 31-03-2024 (₹)31-03-2023 (₹)
Machinery (at cost)3,80,0003,00,000
Accumulated Depreciation62,00045,000
Additional Information :
A machine costing ₹ 50,000 on which accumulated depreciation was ₹ 20,000 was sold at a profit of 10%.
From the following information of CN Ltd., prepare a common size Statement of Profit and Loss for the years ended 31st March, 2023 and 31st March, 2024 :

Statement of Profit (in ₹)

Particulars 2023–24 (₹)2022–23 (₹)
Revenue from Operations40,00,00020,00,000
Less: Purchase of Stock-in-Trade8,00,0004,00,000
Less: Other Expenses4,00,0002,00,000
Profit Before Tax28,00,00014,00,000
Less: Tax @ 50%14,00,0007,00,000
Net Profit After Tax14,00,0007,00,000
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) Computer software
(ii) Outstanding salary
(iii) Work in progress