Accountancy Moc...

Calculate the amount of second & final call when Aabhar Ltd, issues Equity shares of ₹100 each at a premium of 25% payable on Application ₹50, On Allotment ₹30, On First Call ₹10.

Which of the following statements are true?

A company has an operating cycle of 14 months. It has trade payables amounting to ₹30,00,000 out of which ₹3,00,000 have a maturity period of 13 months. How would this information be presented in the balance sheet?

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

Assertion (A) : Interest on Loan by Partner is shown in Profit & Loss A/c.

Reason (R) : Interest on Loan by Partner is given only when Partnership Firm earns the profits.

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

Your worksheet has the value 27 in cell B3. What value is returned by the function =MOD (B3,6)?

What will be the Quick Ratio if Current Assets = ₹72,500; Inventories = ₹12,500; Prepaid Expenses = ₹15,000; Building = ₹50,000; Working Capital = ₹50,000.

Pawan and Vikas are partners in a firm sharing profits and losses in the ratio of 4 ∶ 3.

If the value of Inventory reflected in the above balance sheet is overvalued by 25%, find out the value of inventory to be shown in the new Balance Sheet:

A special value _______ is used to represent values that are unknown or non-applicable to certain attributes.

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

Nisha and Aisha were partners in a firm. Their Balance Sheet showed Stock at ₹1,20,000; Furniture at ₹80,000 and Sundry Creditors at ₹40,000. Harshita was admitted as a new partner. Stock was revalued at ₹1,30,000, Furniture ₹70,000 and Creditors of ₹20,000 are not likely to be claimed. Share of Aisha in profit on revaluation will be:

The degree of the relation describes the number of __________ in relation.

CNB Ltd, issued a prospectus inviting applications for 20,000 shares. Applications were received for 30,000 shares and pro-rata allotment was made to the applicants of 25,000 shares. If Seema has been applied for 500 shares, how much shares she have been allotted?

 If 6% Pref. share capital ₹2,00,000 were redeemed at a premium of 5%, while preparing Cash Flow Statement its effect on cash flow will be :

Mehar and Priya are partners sharing profit in the ratio 3 ∶ 1. On 31^st March 2021, firms net profit is ₹4,00,000. The partnership deed provided interest on capital to Mehar and Priya ₹40,000 and ₹30,000 respectively. Mehar is also entitled to commission @10% on net divisible profits, before charging such commission. What will be the Commission payable to Mehar?

What will be the Purchased Consideration if Sundry Assets = ₹1,20,000, Sundry Creditors = ₹30,000 Goodwill = ₹20,000

Chetan and Amit are partners in the ratio of 3 ∶ 2. Their fixed Capital were ₹2,00,000 and ₹3,00,000 respectively. After the closing of accounts for the year it was observed that the Salary to Amit was given wrongly ₹50,000 during the year as there was not any agreement regarding it. By what amount will Chetan's account be affected if partners decide to pass an adjustment entry for the same considering partners capital accounts are fixed?

Trendy Ltd took over business of Oxylight Ltd and paid for it by

(i) Issue of 2,000 10% Preference Shares of ₹100 each at a premium of 10% 

(ii) Equity Shares of ₹1,00,000 at a par and

(iii) a cheque of ₹1,00,000.

What was the total agreed purchase consideration payable to Oxylight Ltd.

At the time of admission of a partner in the Partnership Firm, recording of an unrecorded Liability will lead to:

Akhil and Ravi are partners sharing profits and losses in the ratio of 7:3 with capitals of Rs. 8,00,000 and Rs. 6,00,000 respectively. According to partnership deed, interest on capital is to be provided @ 8% p.a profit for the year is Rs. 80,000. Choose the correct option:

Rakesh and Sachin are partners sharing profits in the ratio of 4 ∶ 1. Vikas was admitted for 1/4 share of which 3/4 was gifted by Rakesh. The remaining was contributed by Sachin. Goodwill of the firm is valued at ₹40,000. How much amount for goodwill will be credited to Sachins Capital account?

A spreadsheet consists of rows and columns. Each row and column intersection creates a ______ into which you may enter data.

Tara Ltd. forfeited 500 shares of ₹10 each, ₹8 called up, on which John had paid application money ₹4 and allotment money of ₹3 per share. Out of these, 300 shares were reissued to Kishor as fully paid up for ₹ 8 per share. What is the amount that has been transferred to Capital Reserve Account?

R, S and G are partners sharing profits in the ratio of 4 ∶ 2 ∶ 1. According to the partnership agreement, G is to get a minimum amount of ₹70,000 as his share of profits every year and any deficiency on this account is to be personally borne by R. The net profit for the year ended 31^st March 2021 amounted to 4,20,000. Calculate the amount of deficiency to be borne by R?

If Cash Revenue from Operations is \(\frac{1}{4}\)^th of Total Revenue from Operation and Cost of Revenue from Operation is ₹2,00,000 and Gross Profit is 25% on Cost of Revenue from Operations. Gross Profit Ratio is:

Sudhir had been allotted for 400 shares by SVB Ltd on pro rata basis which had issued two shares for every three applied. He had paid application money of ₹4 per share and could not pay allotment money of ₹4 per share. First and final call of ₹2 per share was not yet made by the company. His shares were forfeited the following entry will be passed:

Equity Share Capital A/c ....Dr ₹X

To Share Forfeited A/c ₹Y

To Equity Share Allotment A/c ₹Z

Here X, Y and Z are:

The average profit earned by the firm is ₹2,40,000. Capital invested in the business is ₹21,00,000 and the normal rate of return is 10%. What is the value of Goodwill of the firm on the basis of four times the super profit:

What does the nper argument specify in the PMT function of Excel?

Which one of the following is correct?

(i) Ideal accepted Quick Ratio is 2 ∶ 1.

(ii) A high inventory turnover ratio means inefficient use of investment in inventory and over investment in stocks.

(iii) Operating Profit = Revenue from Operations - Operating Cost.

Naval Ltd offered 20,000 Equity Shares of 10 each, of these 19,000 shares were subscribed. The amount was payable as ₹3 on application, ₹4 an allotment, ₹2 on First Call and balance on Second and Final call. If a shareholder holding 1,000 shares has defaulted on Second and Final call, what is the amount of money received on Second and Final call?

What will be the sequence of cell addresses passed as arguments in the SLN formula at cell C1 in the sheet?

Mohit, Abhay and Vikas are partners in a firm sharing profits and losses in the ratio of 3 ∶ 3 ∶ 1. On 1^st April 2021, they decided to change their profit sharing, ratio to 2 ∶ 2 ∶ 3. On that date, debit balance of Profit and Loss A/c ₹70,000 appeared in the balance sheet and partners decided to pass an adjusting entry for it.

Which of the following option represents the correct treatment for the above? 

Quick ratio of Affon Ltd. is 2.5 ∶ 1. Accountant wants to maintain it at 2 ∶ 1. Following options are available.

(i) He can pay off sundry creditors.

(ii) He can purchase goods on credit

(iii) He can take short term loan from bank

Choose the correct option.

Which of the following persons cannot become a partner in a partnership firm in any condition?

(i) Minor

(ii) Persons of complete unsound mind

(iii) Persons disqualified by any law

Investments made by a financial enterprise with the purpose to resell after the expiry of three months will come under which of the following activity in a Cash flow statement?

Which of the following are Solvency ratios?

(i) Debt Equity Ratio

(ii) Current Ratio

(iii) Total Assets to Debt Ratio

(iv) Quick Ratio

(v) Gross Profit Ratio

As per the Companies Act 2013, Sweat equity shares are issued by a company, to its _______ for non cash consideration or at a discount for providing know how's or any value additions in any form:

Amar, Sanjay and Rajesh are partners, their partnership deed provides for interest on drawings at 6% per annum. Rajesh withdrew a fixed amount in the end of every month, during the year and his interest on drawings amounted to ₹6,600 at the end of the year. What was the amount of his monthly drawings?

Sunil, Naresh and Joginder are the partners sharing profits and losses in the ratio of 3 ∶ 2 ∶ 1 with capitals of ₹2,00,000, ₹2,00,000 and ₹1,00,000 respectively. Partnership Deed provides for interest on Capital @ 10% p.a. and profit for the year is ₹25,000. How much interest will be provided on Sunil's Capital during the year?

Happyall Ltd has Issued Capital of 1,00,000 Equity shares of ₹10 each. Till Date, ₹8 per share have been called up and the entire amount received except calls of ₹2 per share on 4,000 shares and ₹3 per share from another holder who held 6,000 shares. What will be amount appearing as ‘Subscribed but not fully paid capital' in the balance sheet of the company?

Nirav, Sahil and Gautam are partners in the ratio of 3 ∶ 3 ∶ 2. If Nirav's share of profit at the end of the year amounted to 3,00,000, what will be Gautam's share of profits?

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

=AVERAGE (4, 5, 3, 8)

VBT Ltd foreited 2,000 shares of ₹10 each, fully called up, on which application money of ₹3 has been paid. Out of these 500 shares were reissued and 500 has been transferred to capital reserve. Calculate the rate at which these shares were reissued.

For which of the following purpose, MBB Ltd. company can utilise its Securities Premium Reserve:

Own debentures are those debentures of the company which ?

Bhumi and Priya were partners sharing profits and losses in the ratio of 4 ∶ 1. Rashmi was admitted for \(\frac{1}{5}\)^th share in the profit but was unable to bring his share of goodwill premium in cash. The Journal entry recorded for goodwill premium is given below.

The new profit-sharing ratio of Bhumi, Priya and Rashmi will be

Manger is entitled to a commission of 10% of the net profits after charging such commission. The net profit for the year is Rs 1,32,000. What will be the amount of manger's commission?

One or more than one attributes that can be used to uniquely identify the tuples in the relation are know as _______________.

A and B were partners sharing profits and losses in the ratio of 4 ∶ 3. On 1^st April, 2021 they admitted C as a new partner and new ratio was decided as 3 ∶ 3 ∶ 1. Goodwill of the firm was valued as ₹7,00,000. C brought his required share of goodwill premium in cash. Cs share of goodwill credited to A and B Capital Accounts by:

Which of the following statements are false?

(i) Comparative Financial Statement is an indicator of trend and helps in forecasting.

(ii) In Common Size Financial Statement, 100% is taken as base and all other related amounts are expressed as a percentage of base.

(iii) Analysis through Comparative Financial Statement is also known as Horizontal Analysis.

Choose from the following Options:

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

Assertion (A) : After reissue of all the forfeited shares, balance left in Forfeited Shares Account is transferred to General Reserve Account.

Reason (R) : Gain on reissue of forfeited shares is of revenue nature that is why it is transferred to General Reserve A/c.

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