List of top Accountancy Questions

On the basis of the following data, final payment to a partner on firm's dissolution will be: Debit balance of Capital Account of the partner was ₹ 50,000. Share of profit on realisation was ₹ 1,00,000. Firm's liability taken over by him was for ₹ 8,000.

In the books of a partnership firm maintaining fluctuating capital accounts, which of the following appropriations or adjustments would result in a credit to the Partners' Current Accounts?

Nominal/Authorised Share Capital is

When a company issues shares at a premium, the company can collect securities premium along with the following:

Akash Ltd. registered capital is ₹ 50,00,000 in shares of ₹ 10 each. The company issued 2,00,000 of such shares, payable @ ₹ 3 per share on application, @ ₹ 3 per share on allotment and balance on first and final call. What will be the amount due on allotment, if shareholder holding 20,000 shares paid all call money at the time of allotment only?

As per Indian Partnership Act, 1932, the act of a partner carried out in the ordinary course of business is generally considered to be:

The capital balance of a partner at the end of the year (after adjusting for his drawings Rs. 3,500 and his share in the profit Rs. 2,300) is Rs. 12,000. Interest on capital is payable to him at 5% per annum. What will be the amount of interest on capital?

Which of the following statements is correct regarding the issue of Shares and Debentures at a discount?

At the time of dissolution of a firm, firm’s total assets were ₹ 5,00,000, creditors were ₹ 1,00,000. Realisation expenses amounted to ₹ 10,000. Assets realised 20% more than the book value and creditors were paid 5% less. Gain/loss on realisation will be

When a company issues fully paid shares to promoters for their services, the journal entry will be:

A company AB Ltd issued 12% debentures of ₹ 10,00,000 of ₹ 100 each to public. In the terms of issue, these debentures are redeemable after 10 months ending on 31st January, 2022. These debentures will be shown in balance sheet as on 31st March, 2021 under the heading:

Accounting for Goodwill is covered under which Accounting Standard:

Abhay, Boris and Chetan were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Boris was guaranteed profit of ₹ 95,000. Any deficiency on account of this was to be borne by Abhay and Chetan equally. The firm earned a profit of ₹ 2,00,000 for the year ended 31st March, 2023. The amount given by Abhay to Boris as guaranteed amount will be:

Astha Cranky Ltd. purchased assets of the value of ₹ 3,60,000 from Anand Ltd. and made the payment of purchase consideration by issuing 11% Debentures of ₹ 100 each at a discount of 10%. The number of debentures issued by Astha Cranky Ltd. were

Excess value of net assets over purchase consideration at the time of purchase of business is

Sarvesh, Sriniketan and Srinivas are partners in the ratio of 5 : 3 : 2. If Sriniketan’s share of profit at the end of the year amounted to ₹ 1,50,000, what will be Sarvesh’s share of profits?

Minimum subscription is the minimum amount that, in the opinion of directors, must be raised to meet the needs of business operations of the company relating to: A. the price of any property purchased, or to be purchased, which has to be met wholly or partly out of the proceeds of issue;
B. preliminary expenses payable by the company and any commission payable in connection with the issue of shares
C. working capital;
D. any other expenditure required for the usual conduct of business operations Choose the correct answer from the options given below:

If a company fails to receive minimum subscription within 120 days from the date of issue of the prospectus, in how many days should company refund the amount of application money from the date of issue of Prospectus?

On dissolution of a firm, an unrecovered furniture of book value ₹ 5,000 was taken by a partner for ₹ 4,300 against payment. Which Account will be debited and by how much amount?

Ram, Manohar and Joshi were partners in a firm. Joshi died on 28th February, 2018. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death. Profits for 2015, 2016 and 2017 were Rs. 8,000, Rs. 9,000, and Rs. 10,000 respectively. Firm follows calendar year as accounting year. Calculate Joshi’s share of profit till his death.

As per Section 464 of the Companies Act, 2013, the maximum prescribed number of partners in a firm is: