List of top Accountancy Questions on Assets & Liabilities

Which of the following is treated as a non-current asset in the Balance Sheet?

Which of the following is a part of Asset group ‘Current Assets’ in account group of Assets?

(A) Duties and Taxes

(B) Miscellaneous Expenditures

(C) Reserves & Surplus

(D) Direct Expenses

Pass necessary journal entries for the following transactions on dissolution of the firm of Sachin, Virat, and Rohit after various assets (other than cash) and third-party liabilities have been transferred to Realisation Account:

(i) Sachin took over stock of book value of ₹ 80,000 at a discount of 10%.

(ii) Virat agreed to take over the firm's creditors of the book value of ₹ 70,000 at a valuation of ₹ 65,000.

(iii) Rohit took over his wife's loan of ₹ 3,00,000.

(iv) There was an old typewriter which had been written off completely from the books. It realised ₹ 10,000.

(v) Land and Building of the book value of ₹ 50,00,000 was sold for ₹ 70,00,000 through a broker who charged 5% commission on the deal.

(vi) Loss on realisation ₹ 30,000 was to be distributed between Sachin, Virat, and Rohit equally.

To safeguard assets and optimize the use of resources a business ........

From the following Balance Sheet of Yogita Ltd., calculate ‘Cash flows from Investing Activities’ and ‘Cash flows from Financing Activities’. Show your working properly. 
Additional Information: 
(i) Rs.50,000 was charged as depreciation on Plant and Machinery. A machinery costing Rs.60,000 (Book Value Rs.45,000) was sold for Rs.42,000. 
(ii) Bank loan was repaid on 1 April, 2022. 
 

From the following information of Ajanta Ltd., calculate ‘Inventory Turnover Ratio’: \[ {Opening Inventory = Rs.19,000, Closing Inventory = Rs.21,000} \] \[ {Purchases = Rs.80,000, Revenue from Operations = Rs.80,000, Wages = Rs.9,000} \] \[ {Carriage Inwards = Rs.4,000, Carriage Outwards = Rs.2,000, Return Outwards = Rs.1,000, Rent Paid = Rs.5,000} \]
Which of the following transaction will result in flow of cash?
Tax paid during the year ended 31st March, 2023 was Rs.15,000. While calculating Net Profit before Tax and Extraordinary Items, the amount of provision for tax to be added is: (b) \[ \begin{array}{|c|c|c|} \hline \textbf{Particulars} & \textbf{1-4-2022} & \textbf{31-3-2023} \\ \hline \text{Provision for Tax} & \text{Rs.10,000} & \text{Rs.25,000} \\ \hline \end{array} \]
When Current Ratio is 4 : 1, Current Assets are Rs.60,000 and Quick Ratio is 2.5 : 1, the amount of ‘Inventory’ will be:
Match List I with List II
List IList II
A.Super ProfitI.Actual Average Profit - Normal Profit
B.Normal ProfitII.Super Profit × \(\frac{100}{\text{Normal rate of return}}\)
C.GoodwillIII.Total Assets - Outside Liabilities
D.Capital EmployedIV.\(\frac{\text{Capital Employed × Normal Rate of Return }}{100}\)
Choose the correct answer from the options given below :
Non current Assets includes -
A. Capital work-in-Progress
B. Deferred tax Assets (net)
C. Loose tools
D. Railway slidings
E. Inventory
Choose the correct answer from the options given below :
Current liabilities include:
(A) Trade receivables
(B) Unclaimed dividend
(C) Interest accrued but not due on loan
(D) Acceptances
(E) 12% debentures redeemable after four years
Choose the correct answer from the options given below :