List of top Accountancy Questions on Profit and Loss Account asked in PSEB XII

From the following information, prepare a Comparative Income Statement of Arun Ltd. for the year ended 31st March, 2024.

Ritu Ltd. forfeited 2,000 shares of ₹20 each issued at 10% premium to Neeru (₹18 called up) on which he did not pay ₹6 of allotment (including premium) and first call of ₹4. Out of these, 1,200 shares were re-issued to Goldy as fully paid up for ₹16 per share. Give journal entries for forfeiture and re-issue of shares.

A partnership firm earned net profits during the last three years as follows:

The capital employed in the firm throughout the above period was ₹8,00,000. Considering the risk involved, 15% is regarded as a fair return on capital. The remuneration of all the partners during this period is estimated at ₹2,00,000 per annum. Calculate the value of Goodwill on the basis of Super Profit Method (3 years’ purchase).

Sita, Gita and Rita are partners sharing profits in the ratio of 4 : 3 : 2. From April 1, 2024, they decided to share the profit equally. On that date their books showed the following items:
General Reserve ₹1,80,000
Workmen Compensation Reserve ₹2,25,000
Profit & Loss Account (Dr.) ₹4,50,000
Record the necessary Journal Entries.

X and Y were partners in a firm. They admitted Z as a new partner for 20% share in the profits. After all adjustments regarding general reserve, goodwill, gain or loss on revaluation, the balances in capital accounts of X and Y were ₹2,50,000 and ₹3,50,000 respectively. Z brought proportionate capital so as to give him 20% share in the profits. Calculate the amount of capital to be brought by Z.

L, M and N were partners in a firm sharing profits in the ratio of 3 : 2 : 1. The firm closes its books on 31st March every year. M died on 12.06.2024. On M’s death the goodwill of the firm was valued at ₹1,80,000. On M’s death his share in the profit of the firm till the time of his death was to be calculated on the basis of previous year’s profit which was ₹3,00,000. Calculate M’s share in the profit of the firm. Pass necessary journal entries for the treatment of Goodwill and M’s share of profit at the time of his death.

Rent paid to a partner is __________ against profit. (charge/appropriation)

J, K, L, M are in partnership sharing profits and losses in the ratio of 9 : 6 : 5 : 5. ‘N’ joins the partnership for 20% share. J, K, L and M would in future share profits among themselves as 3 : 4 : 2 : 1. The new profit sharing ratio will be:

X, Y and Z are three partners sharing profits in the ratio of 10 : 7 : 5. Z retired. X and Y decided to share profits in equal ratio. The gaining ratio will be: