List of top Accountancy Questions

Vikas, Saurav and Govind were partners in a firm sharing profits and losses in the ratio of 2:3:5. On 31st March, 2025, their capitals were Rs 5,00,000; Rs 3,00,000 and Rs 2,00,000 respectively. With effect from 1st April, 2025, they decided to share the future profits equally. Due to change in profit sharing ratio, it was agreed that:

(i) Goodwill of the firm will be valued at Rs 9,00,000.

(ii) Revaluation of assets and liabilities will be carried out. The revaluation of assets and reassessment of liabilities resulted in a loss of Rs 1,00,000.

(iii) The total capital of the reconstituted firm will be Rs 12,00,000 and the same will be in proportion of the new profit sharing ratio of the partners. For this purpose, necessary cash will be brought in by the partners or paid off to the partners, as the case may be.

Prepare Partners' Capital Accounts on the reconstitution of the firm.

Akash and Mita were partners in a firm sharing profits and losses in the ratio of 5:3. Their capitals were Rs 9,00,000 and Rs 6,00,000 respectively. The normal rate of return was 15%.

The profits of the last four years were:

The closing stock for the year 2024-25 was undervalued by Rs 50,000. Goodwill is to be valued at two years' purchase of last four years' average super profits. Calculate the value of goodwill of the firm.

Sana Ltd. purchased assets of Rs 19,00,000 from MN Ltd. Sana Ltd. issued 10% Debentures of Rs 100 each at a discount of 5% in full satisfaction of the purchase consideration. The number of debentures issued to MN Ltd. was:

Delta Ltd. issued 5,000, 10% Debentures of Rs 500 each at Rs 450 per debenture. 10% Debentures Account will be credited by:

Rani, Megha and Mahan were partners in a firm sharing profits and losses in the ratio of 2:2:1. On 1st April, 2025, their capitals were Rs 7,50,000; Rs 4,00,000 and Rs 5,00,000 respectively. The firm closes its books on 31st March every year. On 31st December, 2025, Mahan died. The partnership deed provides that in the event of death of a partner, his/her legal representatives will be entitled to the following:

(i) Interest on capital @ 12% p.a.

(ii) His share in the profits of the firm till the date of his death.

Mahan had withdrawn Rs 1,20,000 for personal use till 31st December, 2025 and interest on drawings @ 10% p.a. is to be charged. His share in the profits of the firm was calculated on the basis of the average profits of last three years. The average profits of last three years were Rs 6,00,000.

Prepare Mahan's Capital Account to be presented to his legal representatives.

Diksha Ltd. was registered with an authorised capital of Rs 40,00,000 divided into shares of Rs 10 each. On 1st April, 2025, the company offered to the public for subscription, 1,20,000 shares. Applications for 1,10,000 shares were received and allotment was made in full to all the applicants. A shareholder holding 10,000 shares failed to pay the second and final call of Rs 2 per share.

What are the three categories in which accounting entries can be classified while entering them in vouchers?

List the necessary information to be filled by a user on company creation screen.

Explain Sequential codes and Block codes with the help of example.

What is a Chart/Graph? Explain its advantages.

A user wishes to change a 'Text Option' as an element of chart. State how can this be done.

____ provides additional information about a data marker to identify the details of data point in a data series.

Identify what will be displayed on the screen when we specify an intersection of two areas that do not intersect.

The process of comparing input data with some known data is known as:

Which of the following is not a feature of 'Generic' Computerised Accounting Software?

Which financial function calculates the lump-sum amount for series of future payments?

'Computerised Accounting System enables changing the volume of data processing in accordance with the size and growth of the business.' Identify the feature of Computerised Accounting System being highlighted in the statement:

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

(i) Prepaid insurance

(ii) Securities Premium

(iii) Design

Statement I: Operating activities are the activities that constitute the primary or main activities of an enterprise.

Statement II: Cash advances and loans made by financial enterprises are usually classified as operating activities.

Choose the correct option from the following:

From the following information, calculate 'Inventory Turnover Ratio':

Gross profit is 25% of cost of revenue from operations. Closing inventory was 2 times the opening inventory.

From the following information of Dholakia Ltd., prepare a Comparative Statement of Profit and Loss for the year ended 31st March, 2024 and 2025:

From the following information, calculate 'Interest Coverage Ratio':

JC Ltd. earned a net profit of Rs 50,000 after providing depreciation of Rs 20,000 on fixed assets and a transfer of Rs 15,000 to general reserve. The position of its Current Assets and Current Liabilities was as follows:

Calculate cash flows from operating activities.

Which of the following are 'investing activities' for preparation of Cash Flow Statement?

(i) Payment of taxes

(ii) Payment of dividend and interest

(iii) Receipt of interest and dividend

Choose the correct option from the following:

Radha, Shyam and Meera were partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31st March, 2025 was as follows:

Shyam retired from the firm on the above date on the following terms:

(i) The new profit sharing ratio between the remaining partners was agreed at 3:2.

(ii) The value of stock was to be reduced by Rs 1,20,000.

(iii) Patents were considered as valueless and hence were to be written off.

(iv) Goodwill of the firm was valued at Rs 6,00,000 on Shyam's retirement.

(v) Shyam was paid Rs 1,00,000 immediately on his retirement and the balance was transferred to his loan account.

Prepare Revaluation Account and Partners' Capital Accounts.