Accountancy Moc...

Change in the relationship of existing partners which results in coming to an end in agreement and a new agreement coming into effect is:

Balance sheet of a company is required to be prepared in the format given in ______ 

Revenue from Operations Rs.4,00,000; Cost of Revenue from Operations 60% of Revenue from Operations; Operating expenses Rs.30,000 and rate of income tax is 40%. What will be the amount of profit after tax?

Match the column I with Column II

A company issued 4,000 equity shares of Rs. 50 each at par payable under: On application 20%, on allotment 40% ; on first call 10% ; on final call-balance Applications were received for 10,000 shares. Allotment was made pro-rata. How much amount will be received in cash on allotment?

For an IF function to check whether cell B3 contains a value between 15 and 20 inclusively, what condition should you use?

X is admitted into the partnership for 1/4th share. The existing total capital of the firm is Rs. 4,50,000 The amount that X will bring in:

Subscription received but not yet earned is considered as

Daisy Limited forfeited 200 shares Rs. 10 each who had applied for 500 shares, issued at a premium of 10% for non-payment of final call of Rs. 3 per share. Out of these, 100 shares were issued as fully paid up for Rs. 15. The profit on reissue is:

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

Assertion (A): The focus of calculation of working capital revolves around managing the operating cycle of the business.

Reason (R): It is because the concept of operating cycle is required to ascertain the liquidity of assets and urgency of payments to liabilities.

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

Debentures are issued as other than cash, number of debentures will be calculated as purchase price dividing by _________ of shares

Current assets includes only those assets which are expected to be realized within _______

Identify the correct sequence of arguments for SLN function:

X & Y are partners sharing profits equally. Y draw Rs. 1,000 at the beginning of each month for six months year ended on 31st March, 2019. If interest on drawing is to be charged @ 6% p.a The interest on drawings of Y will be:

From the following information find out the cash flow from financing activities

Liabilities:

Proposed Dividend

31st March 2013 - 20,000
31st March 2014 - 15,000

Additional Information: Equity Share Capital raised 3,00,000 10% Debentures Redeemed 1,00,000 Preference Share capital Redeemed 50,000. Interim Dividend paid during the year 20,000

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

Assertion (A) : Equity shares do not carry fixed rate of dividend, and they are the ultimate risk bearer.

Reason (R) : Equity shareholders get dividend from residual part of profits and in the case of winding-up of the company, invested money will be refunded at the last.

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

A, B and C were partners sharing profits and losses in the ratio of 2:2:1. Books are closed on 31st March every year. C died on November 5, 2018. Under the Partnership deed the executors of the deceased partner are entitled to his share of profit to the date of death calculated on the basis of last year’s profit. Profit for the year ended 31st March 2018 was Rs. 2,40,000. C’s share of profit will be

The formula for calculating Trade payable turnover ratio is:

The profits for the previous three years are given below:

2018-2019 Rs. 23,000 (including an abnormal gain of Rs, 8,000)

2019-2020 Rs. 40,000 (after charging an abnormal loss of Rs. 12,000)

2020-2021 Rs. 38,000 (after writing off bad debts amounting to Rs. 6,000)

The amount of goodwill at two years purchase of the average profits of the last three years will be ______.

In case of dissolution of partnership there was no workmen compensation fund and firm had to pay Rs3000 as compensation to workers where will be this Rs3000 recorded in the books of accounts?

What will be the output of the following formula in Excel if today is 15 July 2022:

=DATE(YEAR(TODAY()),MONTH(TODAY()),12)

Mahima Limited has an authorised capital of Rs. 10,00,00,00 divided into 1,00,000 equity shares of Rs. 10 each. It offered 90,000 equity shares at Rs.10 each at a premium of Rs. 8. The public applied for 81,000 equity shares. Till 31st March 2018, Rs. 17 (including premium) was called. An applicant holding 5000 shares did not pay first call of Rs. 2 per share.

As per the above given information ______ is the amount of share capital to be shown in the balance sheet of the company.

A and B were partners. They shared profits as A- 1/2 ; B- 1/3 and carried to reserve 1/6. B died. The balance of reserve on the date of death was Rs. 30,000. B’s share of reserve will be:

Share capital Rs. 8,00,000; Reserve and surplus Rs. 4,00,000; General reserve Rs.1,00,000 and Total assets Rs. 20,00,000. Proprietary ratio will be:

A and B are partners sharing profits in the ratio of 2 : 3. Their Balance Sheet shows machinery at Rs. 4,00,000; stock at Rs. 80,000 and debtors, at Rs. 3,20,000. C is admitted and new profit sharing ratio is agreed at 6 : 9 : 5. Machinery is revalued at Rs. 3,40,000 and a provision is made for doubtful debts @2.5%. A's share in loss on revaluation amounted to Rs. 20,000. Revalued value of stock will be:

Which of the following is components of MS Access?

Interest and dividend earned by financial company is shown in Statement of Profit & Loss under the sub-head:

Section 41 of partnership act 1932 deals with dissolution of a firm

All of the following would be included in company's Operating Activities except

Mithas Limited was formed with share capital of Rs. 50,00,000 divided into 50,000 shares of Rs. 100 each. 9,000 shares were issued to the vendor as fully paid for purchase consideration of a furniture acquired. 30,000 shares were allotted in payment of cash on which Rs. 70 per share was called and paid. State the amount of subscribed capital:

Which tool is used to control what a user can enter in a cell of excel sheet?

E, F and G are partners sharing profits in the ratio of 3 : 3 : 2. As per the partnership agreement, G is to get a minimum amount of Rs. 80,000 as his share of profit every year and any deficiency on this account is to be personally borne by E. The net profit for the year ended 31st March, 2020 amounted to Rs. 3,12,000. Calculate the amount of deficiency to be borne by E?

Which of the following is an example of a spreadsheet?

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

Assertion (A) : If debt component of the total long-term funds employed is small, outsiders feel more secure.

Reason (R) : A high Debt-Equity Ratio is considered risky as it may put the firm into difficulty in meeting its obligations to outsiders.

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

Faltu Limited invited applications for 2,00,000 shares of Rs. 10 each. These shares were issued at a premium of Rs. 11 each which was allowed at the time of allotment. All money was called and duly received except on 10,000 shares on which only application money of Rs. 3 per share was received.

The company forfeited all the shares. 7000 of forfeited shares where re-issued at Rs. 13 per share. State the amount of securities premium to be shown under the head - Reserve and Surplus.

In case of dissolution, total creditors of the firm were Rs 40,000; creditors worth Rs 10000 were given a piece of furniture costing Rs 8000 in full and final settlement. Remaining creditors allowed a discount of 10%. What will be the amount with which cash will be credited in the realisation account for payment to creditors:

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

Assertion (A) : 'Interest accrued but not due on borrowings' is shown under' other current liabilities'.

Reason (R) : All liabilities, of which payment is expected to be made within 12 month from the date of Balance Sheet, shall be treated as current.

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

Net Assets minus Capital Reserve is

Second hand furniture worth Rs. 6,000 was purchased. It was repaired for Rs.600 and installed by workmen to whom Rs. 200 was paid as wages. The furniture should be capitalised for

X and Y shared profits and losses in the ratio of 3:2 with effect from 1st April, 2019. They decided to share profits equally. Goodwill of the firm was valued at Rs. 60,000. The adjustment entry for Goodwill will be:

Interest collected by an automobile company selling a car on instalment basis will be classified as________ in cash flow statement.

Y's profit after tax was Rs. 1,00,000. Its current assets were Rs. 4,00,000 , current liabilities Rs. 2,00,000, fixed assets Rs. 6,00,000 and 10% long term debt Rs. 4,00,000. The tax was Rs. 25,000. Return on investment will be:

To discover how many cells in a range contain values that meet a single criterion, use the _______ function.

Capital employed by a firm is Rs. 5,00,000. Its average profit is Rs. 60,000. The normal rate of return in similar type of business is 10%. The amount of super profits is:

Match Column I with Column II

Out of total face value, liability of a shareholder is limited to  _______ value of the share allotted to him.

Which of the following is the main difference between Primary Key and Unique Key

Calculate working capital turnover ratio from the following:

Cost of revenue from operations Rs. 8,00,000; Current assets Rs. 6,00,000; Total assets Rs. 24,00,000; non current liabilities Rs. 4,00,000 and Shareholders fund Rs. 15,00,000. Gross profit ratio 20% on sales.

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

Assertion (A) : Profit or loss on revaluation account is not transferred to incoming partner's capital Account.

Reason (R) : Profit or loss on revaluation at the time of admission of a partner belongs to pre-admission period hence belongs to old partners.

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

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