List of top Accountancy Questions

3 th 7 Vikas and Rahul are partners who shared profits in the ratio of 2:3. They admitted Sunil as a partner for share in future profits who brings ₹37,500 as his share of Goodwill. Half of which is withdrawn by sacrificing partners. Record Journal entry for Goodwill withdrawn by Partners.
Based on the above, answer the question. Amrita and Kalyani are partners sharing profits in the ratio of 3 : 2. They decided to expand the business by admitting Suraj as a new partner for 1/4th share. Suraj’s share of goodwill is valued at Rs 90,000 for which he compensated Amrita and Kalyani in the ratio 1 : 4. Following information is also provided:
  • Machinery : Rs 25,00,000
  • Land : Rs 10,00,000
  • Computer : Rs 2,50,000
  • Workmen compensation fund : Rs 5,30,000
Claim against workmen compensation is Rs 2,00,000 and goodwill appeared in the books at Rs 60,000.
What is Amrita’s share in the workmen compensation fund?
At the time of admission of a new partner, general reserve appearing in the old Balance Sheet is transformed to :-
Book value of stock \(₹ 40,000\). However the stock is found overvalued by \(₹ 4,000/-.\) The amount \(₹ 4,000\) will be:
Calculate the Normal Rate of Return if normal profit is ₹30,000, Assets 5,30,000 and liabilities ₹30,000, while calculating the value of goodwill of the firm at the time of admission of a partner. 1. 5.6% 2.6% 3.5.3% 4.5%
Match List I with List II
List IList II
A.Super ProfitI.Actual Average Profit - Normal Profit
B.Normal ProfitII.Super Profit × \(\frac{100}{\text{Normal rate of return}}\)
C.GoodwillIII.Total Assets - Outside Liabilities
D.Capital EmployedIV.\(\frac{\text{Capital Employed × Normal Rate of Return }}{100}\)
Choose the correct answer from the options given below :
At the time of dissolution of partnership firm, debtors were realised at a discount of 5% (Book value was ₹ 48,000), Amount realised at the time of dissolution was -
The key combination which collapses the ribbon is:
Identify the correct sequence to be followed at the time of Death of Partner :
A. Calculation of gaining Ratio.
B. Treatment of goodwill
C. Calculation of new Profit Ratio
D. Calculation of Amount transferred to Decreased Partner's Executor
E. Preparation of deceased Partner Capital Account
Choose the correct answer from the options given below :
The sum due to the retiring Partners includes :-
A. Share of remaining partners goodwill.
B. Credit balance of his capital Account.
C. His share of accumulated profits.
D. His share of Goodwill.
E. Cash brought in by remaining partners for adjustment of capital.
Choose the correct answer from the options given below :
Match List I with List II
List I
Formula		List II
Term/Item
A.Current liiabilities - working capitalI.Capital Employed
B.Shareholders Fund - DebtsII.Operating Cost
C.Operating Expenses - Cost of Revenue from operationIII.Current Assets
D.Net Profit - Non Operating Expenses (-) Non Operating InccentiveIV.Operating Profit
Choose the correct answer from the options given below :
Super profit refers to:
Other income is Rs 5,00,000 which is 25% of the Revenue from operation. Employees benefit Expenses are 30% of the Revenue from operation. Tax rate is 40%. Net profit after tax will be :
Arrange the following steps in correct order for calculation of Proportionate Capital of New Partner.
(A) Balancing the capital account of old partners 
(B) Calculation of Gain/Loss on Revaluation and transferring to Capital Account 
(C) Transferring Accumulated Profit to Capital account 
(D) Calculation of Proportionate Capital for New Partner 
(E) Adjustment for Goodwill in Partner's capital account 
Choose the correct answer from the options given below: 
Match List - I with List - II
List - IList - II
(A) Authorised Capital(II) Maximum amount of share capital a company could raise during its lifetime
(B) Reserve Capital(I) A portion of uncalled share capital will be called at the time of winding up
(C) Issued Capital(III) Capital issued to public for subscription
(D) Subscribed but not fully paid capital(IV) Amount called up and received but not fully paid

Choose the correct answer from the options given above:
Legend can be repositioned on the chart :
As per AS 3 (Revised) while preparing cash flow statement the correct sequence to be followed is
A. Calculation of Cash flow from Financing Activities
B. Calculation of cash flow from Operating Activities
C. Calculation of cash flow from Investing Activities
D. Calculation of net changes in cash and cash equivalents during the year
E. Calculation of net profit before tax and extra-ordinary items
Choose the correct answer from the options given below :
Find out the cost of medicine consumed during 2020-21.
  • Payment to creditors of medicines: Rs 3,70,000
  • Creditors for medicines purchased:
    • On 1.04.2020: Rs 25,000
    • On 31.03.2021: Rs 17,000
  • Stock of Medicines:
    • On 1.04.2020: Rs 62,000
    • On 31.03.2021: Rs 54,000
  • Advance to suppliers:
    • On 1.04.2020: Rs 11,000
    • On 31.03.2021: Rs 18,000
_______ is a measure of liquidity which excludes ______.
A. Liquid Ratio
B. Current Ratio
C. Debt equity Ratio
D. Inventory
E. Debtor
Choose the correct answer from the options given below :
Arrange the following steps in correct order.
(A) Calls in Arrears 
(B) Reissue of shares 
(C) Making calls 
(D) Gain on Reissue transferred to Capital Reserve 
(E) Forfeiture of shares 
Choose the correct answer from the options 8iven below :
Which of the following item is not a tool of financial statement analysis?
Match List I with List II

LIST I

LIST II

ACapital ReserveICurrent Assets 
BInventories IINon-Current Liabilities
C8% DebenturesIIICurrent Liabilities 
DProvision for taxIV Reserve and Surplus

Choose the correct answer from the options given below:
Which of the following items are part of Intangible non current Assets:
A. Patents
B. Furniture
C. Statement of Profit & Loss A/c (Dr)
D. Goodwill
E. Trademark
Choose the correct answer from the options given below:
Profits made on Revaluation of Assets and Reassessment of Liabilities is distributed among whom?

Particulars

Amount (₹)

Inventory at the beginning40,000
Credit Purchase1,60,000
Inventory at the end 38,000
Trade payable at the beginning14,000 
Trade payable at the end   14,500 

Cash paid for inventory is: