Accountancy Moc...

If at the time of admission, some Profit and Loss Account balance appears in the books, it will be transferred to:

What correct order of capitals is followed, while preparing Notes to Account to find out the amount of Share capital capital to be shown in Balance Sheet?

Total capital employed in the firm is Rs. 8,00,00 reasonable rate of return is 15% and profit for the year is Rs. 12,00,000. The value of goodwill of the firm as per capitalization method would be:

Which of the following is not one of the major sections of the statement of cash flows?

A and B are partners sharing profits and losses in the ratio of 7 : 5. They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24 from A and 1/8 from B. The new profit sharing ratio will be:

1,000, 9% debentures of Rs 100 each are to be redeemed within 12 months of the date of Balance Sheet. They will be shown in current liabilities as:

Which of the following is transferred to Realisation Account at the time of dissolution?

According to prescribed order of asset in a company's Balance Sheet ______ asset should be shown first of all.

Which of he following is not required to be prepared under the Companies Act:

20,000 Shares of Rs. 10 each were issued to public for subscription at a premium of10%. Full amount was payable on application. Applications were received for 30,000 shares. What amount is to be refunded to the application?

A and B are partners of a partnership firm sharing in the ratio of 3 : 2 respectively. C was admitted for 1/5 share of profit. Machinery would be appreciated by 10% (book value Rs. 80,000) and building would be depreciated by 20% (Rs. 2,00,000). Unrecorded debtors of Rs. 1,250 would be brought into books now and a creditor amounting to Rs. 2,750 died and need not pay anything on this account. What will be profit / loss on revaluation?

A firm earns Rs. 1,10,000. The normal rate of return is 10%. The assets of the firm amounted to Rs. 11,00,000 and liabilities to Rs. 1,00,000.Value of goodwill by capitalisation of Average Actual Profits will be:

A loss on the sale of land is reflected on the statement of cash flows by:

Opening inventory Rs 28,000

Closing inventory Rs 52,000

Revenue from operations Rs 6,00,000

Gross profit 25% on cost of revenue from operations

Inventory turnover ratio will be:

In case partners have guaranteed profit to a partner and deficiency happens. It is borne by :

Nyra Ltd. issued 20,000 equity shares of Rs 100 each. Amount payable as follows: Rs 60; allotment Rs 20 and balance on  first and final call. The company received an amount of Rs 3,60,000 on allotment. Calculate number of shares on which money not received.

Statement 1: Cash flow from investing activities is an item on the cash flow statement that reports the aggregate change in a company’s cash position.

Statement 2: Operating activities involve the non-cash effects of transactions that enter into the determination of net revenue in the business.

On the basis of the following information, final payment made to the partner on the firm's dissolution will be made:

Debit balance of Capital Account: ₹14000;
Share of his profit on realisation: ₹43000;
Firm's assets taken over by him: ₹17000

Net profit Rs. 5,00,000; Dividend received Rs. 70,000; Profit on sale of furniture Rs. 10,000; Interest on debenture Rs. 50,000; Bad debt Rs. 20,000; Revenue from operation Rs. 12,00,000. Operating profit ratio will be:

Applications for equity shares invited by Vinay Ltd. 10,000. Applications received for 15,000 shares. Prorata allotment was made to all the applications. Mr. Kumar one applicant had applied for 120 shares.

Shares allotted to Mr. Kumar will be ______.

According to Profit and Loss Account, the net profit for the year is Rs. 1,50,000. The total interest on partner's capital is Rs. 18,000 and interest on partner's drawings is Rs. 2,000. The net profit as per profit and Loss Appropriation Account will be:

If on the firm's dissolution, the partner voluntarily gives his personal assets to the firm's creditors as payment, the account credited will be: 

Ratio of Net Income to Number of Equity Shares known as:

Interest earned on bank deposits by a company engaged in manufacturing electronic appliances is shown in the statement of Profit and Loss as:

X and Y are partners in a firm sharing profits in the ratio of 5 : 3. They admitted Z as a new partner. The new profit sharing ratio will be 4 : 3 : 2 The firm's goodwill on Z's admission was valued at Rs. 1,26,000. But could not bring any amount of goodwill in cash. Credit will be given to:

______ activities are the activities that result in changes in the size and composition of the owner’s capital.

Pranav, a partner, is to bear all expenses of realisation for which he is to be paid ₹2000. P had to pay realisation expenses of ₹2,500. How much amount will be debited to Realisation account? 

A firm made Revenue from Operations of Rs 10,00,00,000 during the year. Cash revenue from operation is 25% of credit revenue from operation; Trade receivables turnover ratio is 5 times, closing trade receivables are 1/4th of opening trade receivables. Closing trade receivable will be:

As per framework for preparation of Financial Statements, there are ________ elements of Financial Statements.

Vinod Ltd. invited applications for 10,00,000 equity shares of Rs. 10 each. The public applied for 8,55,000 shares. As per SEBI guidelines, subscription of how many shares other than 8,55,000 shares can fulfill the requirement of minimum subscriptions?

A partner introduced additional capital of Rs 30,000 and advanced a loan of Rs 40,000 to the firm at the beginning of the year. partner will receive year's interest:

A and B are partners sharing profits and losses in the ratio of 3 : 2. C is admitted partnership for 1/5th share in profit in profit. He pays Rs. 1,00,000 as goodwill. The ratio of the partners  A, B and C in the new firm would be 2:2:1 Goodwill will be credited to:

Financial ratios are broadly classified into how many types?

Short term highly liquid assets which are readily convertible into known amount of cash and which are subject to an insignificant rick of change in the value are called 

Sirya and Riya are partners sharing profits and losses in the ratio 4 : 1. Mariya was manager who received the salary of Rs. 4,000 p.m. in addition to a commission of 5% on net profits after charging such commission. Profit for the year is Rs. 6,78,000 before charging salary. find the total remuneration of Mariya.

Operating ratio = 60% Calculated operating profit ratio.

Match the terms given in Column I with those in Column II

Which of the following is not included in the financial statements of a company? 

A firm's Balance Sheet had an Investment Fluctuation Reserve of 30,000. Ram a new partner was admitted. Investment in the books is Rs 5,00,000. Market Price of investment is 5,40,000. What amount of Investment Fluctuation Reserve will be distributed among old partners?

Pradeep Ltd. offered to the public for subscription 80,000 equity shares  payable per share as: Rs. 5 on application & allotment; Rs. 3 on first call and balance on second and final call. The issue was fully subscribed and all amounts due were received except both calls money on 2,000 shares. These shares were forfeited. Amount of Share Capital to be shown in the Balance Sheet:

Purchase of marketable securities will 

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

Assertion (A): Prepaid expenses are not considered as liquid assets.

Reason (R): Prepaid expenses cannot be converted into cash.

In the context of the above statements, which one of the following is correct?

Vinod Ltd. Purchased a machine form Laxmi Machines Ltd. Rs 3,80,00. As per purchase agreement, Rs 20,000 were paid in cash and balance by issue of shares of Rs 100 each. How many shares are to issued to Laxmi Machines Ltd. If shares are issued at a premium of 20%?

Management attempts to maximize ______ ratios to maximize firm value.

A, B and C are partners sharing profits in the ratio of 1 : 2 : 3. On 1-4-2021 they decided to share the profits equally. On the date there was a credit balance of Rs. 1,20,000 in their profit and Loss Account and a balance of Rs. 1,80,000 in General Reserve Account. Instead of closing the the General Reserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. In the necessary adjustment entry to give effect to the above arrangement:

Comparison of financial statements highlights the trend of the _________ of the business.

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

Assertion (A): A company has postponed paying suppliers, so that the period-end cash balance appears higher in the books of the company. This is an example of window dressing.

Reason (R): Through window dressing, a company can present a better financial position of the firm than the actual position.

In the context of the above statements, which one of the following is correct?

Net profit ratio shows the relationship between net profits and ________.

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

Assertion (A): Maximum number of partners in a partnership firm is 50.

Reason (R): Maximum number of partners in a partnership firm is prescribed in Companies Act, 2013

Yes Ltd. issued 2,50,000 equity shares of Rs 10 each at a premium of Rs 3 each payable as Rs 7 on application & allotment (including premium) and balance on first and final call. Applications were received for 3,50,000 shares and company allotted them 2,50,000 shares. Excess money was applied towards call. Last call on 1,000 shares was not received and these shares were forfeited.

Which of the following is not part of the above situation?