Accountancy Moc...

Current accounts of partners are maintained under which method?

Match the following items in NPO

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

Assertion (A) : Securities premium reserve can not be utilised to pay as dividend to the shareholders.

Reason (R) : Securities premium can be utilised only for the specific purposes stated in companies Act 2013.

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

Which key is used to represent the relationship between two relations ?

A,B and C are partners sharing profits in the ratio of 3:2:1. They agree to admit D into the firm. A, B and C agreed to give 1/3rd,1/6,1/9th share of their profit. The share of Profit of D will be:

What is the role of the Primary key in MS Access?

Indicate the item which appears under the sub head, short-term provisions:

The company issued 5,000 12% Debentures of Rs 100 each at 10 % Discount and Repayable at 10 % Premium. Interest on Debentures are payable half-yearly on which Tax deducted at source of 10% p.a. what will the amount of tax for a year :

X and Y are partners sharing profits in the ratio 5 : 3. They admitted Z for 1/5th share in profits, for which he paid Rs. 1,20,000 as Capital and Rs. 60,000 as Goodwill. Capitals for each partner, taking Z's capital as base capital will be:

Golden Firework Ltd. is authorised to issue share 5,00,000 of Rs. 100 each. Company raised the capital by issue of 2,00,000 shares through e-IPO. As per the decision of Managing Board of Directors of the company, company issued 75,000 shares to their parent company and 40,000 shares to existing employees of the company as per their choice and option at a price below than the market price.

"Company issued 75,000 shares to their parent company" is an example of _____

MS Access supports which of the following database?

1. Flat File Database

2. Relational Database

The area of interest for a creditor while analysing financial statement will be:

Company's liquid assets are Rs. 5,00,000 and its current liabilities are Rs. 3,00,000. Thereafter, it paid Rs. 1,00,000 to its trade payable. Quick ratio will be:

Amount paid for stationary purchased Rs 45,000. The creditor for stationary in the beginning and end of the year Rs 4,000 and Rs 6,500. Cash purchase of stationary is Rs 15,000. Calculate the amount of stationary purchased in the current year :

What will be the output of the following MS-Excel formula?

=SUM(3, 2^1^3)

On 1st January 2018 company issued shares of Rs.10,00,000 and paid Rs. 10,000 as Share Issue Expense. Amount shown in Financing Activities in cash flow statement

Which of the following not the limitation of financial statement analysis?

At the time of dissolution of a partnership Firm, 50% of the Furniture valued at Rs. 20,000, taken by a Partner at Rs. 18,000, and remaining 50% has been sold at 20% less than the book value, amount transferred to Bank Account will be:-

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

Assertion (A) : Profitability ratios are calculated to analyse the earning capacity of the business which is the outcome of utilisation of resources employed in the business.

Reason (R) : Ratio analysis is helpful to take investment decision. 

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

A company issued 4,000 equity shares of Rs. 10 each at par payable as under:

On application Rs. 3, on allotment Rs. 2; on first call Rs. 4 and on final call Rs. 1 per share. Applications were received for 16,000 shares were rejected and pro-rata allotment was made to the applicant for 10,000 shares. How much amount will be received in cash on first call, when excess application money is adjusted towards amount due on allotments and calls:

Marketable Securities costing Rs. 10,000 sold for Rs. 12,000, Profit on sale of Marketable Securities was credited to Statement of Profit and Loss. Which of the following statement is correct?

X and Y are partners in a firm with capital of Rs. 1,80,000 and Rs. 2,00,000. Z was admitted for 1/3rd share in profits and brings Rs. 3,40,000 as capital. Calculate the amount of hidden goodwill for Z.

Fixed assets of a company increased from Rs. 3,00,000 to Rs. 4,00,000. The percentage change is:

A cell with a highlighted cell boundary is called as a/an __________ in Microsoft Excel.

A and B are in partnership sharing profits in the ratio of 3:2. They take C as new partner. Goodwill of the firm is valued at Rs. 3,00,000 and C brings Rs. 30,000 as his share of goodwill, in cash which is entirely credited to the Capital Account of A. New profit sharing ratio will be.

A company forfeited 3,000 shares of Rs. 10 each (which were issued at par) held by Kishore for non-payment of allotment money of Rs. 5 per share. The called up value per share was Rs. 8. On forfeiture, the amount debited to share capital:

At the time of issue of debentures , debentures account is :

In MS-Excel software a formula is entered into a cell using______symbol.

A and B are partners, sharing profits in the ratio of 5 : 3. They admit C for 1/5th share in profits, which he acquires equally from both A and B. New profit sharing ratio will be:

Rajan Limited issued 50,000 shares at a price lower than the nominal value of the share. The shares issued are called:

‘A’ one of the Partners was to bear all the Realisation Expenses for which he was given a commission of 3% of net cash realised from Dissolution. Cash realised from Assets was Rs. 25,000. Amount paid for paying off liabilities amounted to Rs. 5,000. The amount of commission will be:-

Z limited issued shares of Rs. 100 each at a premium of 10%. Mr. Q purchased 500 shares and paid Rs. 20 on application but did not pay the allotment money of Rs. 30. If the company forfeited his 30% shares, the forfeiture account will be credited by:

If net revenue from operations of a firm is Rs. 15,00,000, Gross profit is Rs. 9,00,000 and operating expenses are Rs. 75,000. What will be the percentage of operating income on net revenue from operations?

On the basis of the following information received from a firm, its Proprietory Ratio will be:

Which cell address will be used for rate, nper, and pv respectively, for the following PMT formula, as per the given data?

Amount of discount given at the time of reissue of shares should be debited to :

P and Q are partners sharing profits and losses in the ratio of 2:1 with capitals Rs. 1,00,000 and Rs. 80,000 respectively. The interest on capital has been provided to them @ 8% instead of 10%. In the  adjustment entry, Q will be:

Which of the following will be added to Net Profit before Tax?

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

Zee Ltd issued 15,000 equity shares of Rs. 20 each at a premium of Rs. 5 payable Rs. 5 on application, Rs. 10 on allotment (including premium) and the balance on first and final call. The company received applications for 22,500 shares and allotment was made pro rata. Bittoo to whom 1,200 shares were allotted, failed to pay the amount due on allotment. Identify the number of shares Bittoo applied for.

A, B and C are equal partners, they wanted to change the profit sharing ratio to 4 : 3 : 2. They raised the goodwill to Rs. 90,000. The effected accounts will be

Revenue from Operations Rs. 2,00,000; Inventory Turnover ratio 5; Gross Profit 25%. Find out the value of Closing Inventory, if Closing Inventory is Rs. 8,000 more than the Opening Inventory.

These shares which in addition to the fixed preference dividend, carry a right to participate in the surplus profits, if any, after, dividend at a stipulated rate has been paid to the equity share holders are called:

_______% will be transferred to Debentures Redemption reserve when redemption is purely out of profit in case of banking company.

U, V and W are partners sharing profits in the ratio of 2:3:5. Their new ratio will be 5:3:2. They also decide to record the effect of the following revaluations and reassessments without affecting the book values of assets and liabilities by passing a single adjustment entry:

Share Capital of a company consists of 70,000 shares of Rs. 10 each, Rs. 8 called up. All the shareholders have duly paid the called up amount. Share capital will be shown as:

Total Assets at the end are Rs.2,25,000. External Liabilities are Rs. 1,00,000. If surplus for the year is Rs. 20,000, Opening Capital Fund will be:`

X, Y and Z are partners sharing profits and losses in the ratio of 5:3:2. from 1st April 2018 they decided to share profit and losses equally. The partnership Deed provides that in the event of any change in the profit sharing ratio, the goodwill should be valued at 2 years purchase of the average profit of the preceding five years. The profit and loss of the preceding years are:

Adjustment entry will be

Liquid Assets do not include:

The part uncalled capital, to be called only on the liquidation of a company is called: