Accountancy Moc...

______ capital account always shows positive or credit balance.

The most commonly used tools for financial analysis are

Debit Balance of Profit and Loss account is shown under the sub head __________ of the Balance Sheet as per Revised Schedule III of Companies Act, 2013.

The opening balance of Prize Fund was ₹32,800. During the year, donations received towards this fund amounted to ₹15,400; amount spent on prizes was ₹12,300 and interest received on prize fund investment was ₹4,000. The closing balance of Prize Fund will be :

A and B are partners in a firm sharing profits and losses in the ratio of 3 ∶ 1. On 31^st March 2021 they decided to share future profits and losses equally. On that date, Goodwill of the firm was Rs. 40,000 and Workmen Compensation Reserves was Rs. 80,000 appears in the Balance sheet. For writing off goodwill amount distributed in _____(i)_____ and for adjustment of Workmen compensation reserve in amount distributed in _________(ii)_________.

Salary paid for the year ended 31st March 2010 amounted to ₹75,000. How much amount will be recorded in Income and Expenditure Account in the following case?

A cash flow statement does not show :

What will be the amount of gross profit of a firm if its average inventory is Rs. 1,60,000, inventory turnover ratio is 6 times, and the selling price is 25% above cost?

Deep Ltd. issue 1,00,000 7 % debentures of 100 Rs. each at a discount of 4%, redeemable after 5 years at a premium of 6%. Loss issue of debentures is :

Vanya Ltd. forfeited 20,000 equity shares of 100 each for non-payment of first and final call of ₹40 per share. The maximum amount of discount at which these shares can be re-issued will be :

 At the time of dissolution of the firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised on sale of assets :

Rohit and Govind were partners in a firm in the ratio of 1 ∶ 2. They admitted Ravi for 1/4 th share in profits. He brought Rs. 2,00,000 for capital but could not bring any amount for goodwill. The goodwill of the firm was valued at Rs. 3,60,000. What Journal Entry will be passed for the treatment of goodwill?

Main objective of Trend Analysis is

When debentures are issued as collateral security, which entry has to be passed ?

Aman and Bimal are equal partners in a firm. Aman drew regularly Rs. 1,000 at the end of every month. Year is ended on 31^st March every year. Calculate interest on drawings @ 6% p.a.

If net revenue from operations of a firm are ₹1,20,000; cost of revenue from operations is ₹66,000 and operating expenses are ₹21,600, what will be the percentage of operating income on net revenue from operations?

On dissolution of a firm, a partner paid 700 for firm’s realisation expenses. Which account will be debited?

Match the items given in Column I with the headings/subheadings (Balance sheet) as defined in Schedule III of Companies Act 2013.

Choose the correct option:

According to the partnership Act, (Sec. 37) the interest payable to the deceased partner on the amount left by him will be:

Which of the following is not an item of the Profit and Loss Appropriation Account?

On dissolution of a firm, its Balance Sheet revealed total creditors 50,000; Total Capital 48,000; Cash Balance 3,000. Its assets were realised at 12% less. Loss on realisation will be :

Arun and Vimal are partners in a firm sharing profits and losses in the ratio of 4 ∶ 1.

Balance Sheet (Extract)

If the value of furniture reflected in the balance sheet is undervalued by 40%, find out the value of Furniture to be shown in the Revaluation Account:

On dissolution of a firm, unrecorded furniture of the value of 5,000 was taken up by a partner for 4,300. Which Account will be credited and by how much amount? :

In a common size Statement of Profit & Loss, the amount of net revenue from operations is assumed to be equal to

At the time of reconstitution of partnership firm, what will be the effect of the following information?

Balance in Workmen Compensation Reserve: Rs. 40,000.

Claim for Workmen Compensation: Rs. 45,000.

Compute the cash flow from operating activities from the following details by the indirect method:

In the Balance Sheet of a Common Size Statement

If Total sales is Rs. 50,000 and credit sales is 25% of Cash sales. The amount of credit sales is:

On dissolution of a firm, partners’ capital accounts balance was 63,000; creditors balance was 12,000 and profit & loss account debit balance was 6,000. Profit on realisation of assets was 7,800. The total amount realized from assets was:

A firm's profits for the last three years are Rs. 5,00,000 Rs. 4,00,000 and Rs. 6,00,000. Calculate value of firm's goodwill based on four years' purchase of the average profits for the last three years:

In case of issue of debentures as a collateral security for loan from the bank which account will be debited :

At the time of admission of new partner Z, Old partners X and Y had debtors of Rs. 3,20,000 and a provision for doubtful debts of Rs. 20,000 in their books. As per terms of admission, assets were revalued, and it was found that debtors worth Rs. 18,000 had turned bad and hence should be written off. Which journal entry reflects the correct accounting treatment of the above situation.

 The profit amount received for sale of old sports materials by a Non-profit organisation is shown in which of the following?

From the following information, calculate net increase in cash and cash equivalents:

Net Cash from operating activities - 4,800

Net Cash from investing activities - 2,000

Opening balance of equity share capital - 80,000

Closing balance of equity share capital - 90,000

Opening balance of 12% preference share capital - NIL

Closing balance of 12% preference share capital - 10,000

Interest paid on Debentures - 1800

At the time of admission, if the profit-sharing ratio among the old partners does not change then sacrificing ratio will be:

High price to earning ratio shows company's

Rahim, Ram and Robert are partners sharing profits and losses in the ratio 5 ∶ 4 ∶ 1. Rahim guaranteed a minimum profit of Rs. 25,000 to Robert. The profit of the firm for the year ending 31^st March, 2021 was Rs. 1,42,000. Rahim share in the profits of the firm will be:

Comparative statements are also known as :

A company’s working capital is Rs.10 Lakh (negative balance) in the year 2018. It became Rs.15 Lakh (positive balance) in the year 2019. What is the percentage of change?

A and B are partners in a firm having capitals of Rs. 15,000 each. C is admitted for 1/3 share, for which he has to bring Rs. 20,000 for his share of capital. The amount of goodwill of the firm will be

Discount on issue of Debentures is in the nature of:

A and B contribute Rs. 1,00,000 and Rs. 60,000 respectively in a partnership firm by way of capital on which they agree to allow interest @ 8% p.a. Their profit and loss sharing ratio is 3 ∶  2. The profit at the end of the year was Rs. 2,800 before allowing interest on capital. If there is a clear agreement that interest on capital will be paid even in case of loss, then B's share will be:

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R).

Assertion (A) : Goods costing ₹8,000 are sold for ₹10,000 and it will reduce stock by ₹10,000.

Reason (R) : The value of stock would be reduces by ₹8,000.

In the context of the above two statements which of the following is correct ?

Cash flow arising from interest paid in case of a financial enterprise is a cashflow from

In the absence of partnership deed, a partner is entitled to an interest on the amount of opening capital introduced by him in the firm at a rate of:

Subscription received in cash during the year amounted to ₹60,000; subscription received in advance for next year was ₹3,000 and received in advance during the previous year was ₹2,000. Subscription in arrears at the end of the current year was ₹5,400. The amount credited to Income & Expenditure Account will be :

The following information are given:

Trade Receivables Turnover Ratio: 8 times

Average Debtors: 3,60,000

Cash Revenue from Operations: 25% of Revenue from Operations.

What is the revenue from operations?

R and S are partner, sharing profit & losses equally. They Admitted K as new partner for \(\frac{1}{4}\)^th share in profit. On this occasion, Goodwill of the firm valued at Rs. 1,20,000 and K brought Rs. 60,000 for his capital and Rs. 20,000 for goodwill in cash. What entry will be passed for the receipt of capital and goodwill at the time of admission-

A and B are partners in a partnership firm without any agreement. A has given a loan of ₹50,000 to the firm. At the end of the year, a loss was incurred in the business. The following interest may be paid to A by the firm :

Shares can be forfeited: