List of top Accountancy Questions on Capital Account

In the books of a partnership firm maintaining fluctuating capital accounts, which of the following appropriations or adjustments would result in a credit to the Partners' Current Accounts?

Kajal and Laura were partners in a firm sharing profits and losses in the ratio of 5 : 3. They admitted Maddy for \( \frac{1}{4} \) share in future profits. Maddy brought ₹ 8,00,000 as his capital and ₹ 4,00,000 as his share of premium for goodwill. Kajal, Laura and Maddy decided to share profits in future in the ratio of 2 : 1 : 1. After all adjustments in respect of goodwill, revaluation of assets and liabilities etc. Kajal’s capital was ₹ 15,00,000 and Laura’s capital was ₹ 8,00,000. It was agreed that partners’ capitals should be in proportion to their new profit sharing ratio. The cash brought in to adjust the capital was made by bringing in or withdrawing the necessary cash as the case may be. The cash brought in by Kajal was:

Need for valuation of goodwill arises in the following circumstances:
(A) Admission of a new partner
(B) Change in profit sharing ratio among the existing partners
(C) Dissolution of the partnership firm involving sale of business as a going concern
(D) Death of a partner
Choose the correct answer from the options given below:

Balance Sheet provides information about the financial position of the enterprise:

Match LIST I with LIST II

LIST I		LIST II
A	Goodwill written off	I	Credit side of Profit and Loss A/c
B	Partner's Salary	II	Debit side of Partner's Capital A/c
C	Bad Debts Recovered	III	Debit side of Profit and Loss A/c
D	Manager's Commission	IV	Credit side of Partner's Capital A/c

Choose the correct answer from the options given below

P, Q, and R are partners in a firm sharing profits and losses in the ratio of \(3:2:1\). R retires and the balance in his capital A/c after making necessary adjustments works out to be \(₹\ 60,000\). However P and Q agreed to pay him \(₹\ 75,000\) in full settlement of his claim. Then the amount to be debited to P's capital A/c would be: 

Arrange the following steps in correct order for calculation of Proportionate Capital of New Partner.
(A) Balancing the capital account of old partners 
(B) Calculation of Gain/Loss on Revaluation and transferring to Capital Account 
(C) Transferring Accumulated Profit to Capital account 
(D) Calculation of Proportionate Capital for New Partner 
(E) Adjustment for Goodwill in Partner's capital account 
Choose the correct answer from the options given below: 

Match List - I with List - II

List - I	List - II
(A) Authorised Capital	(II) Maximum amount of share capital a company could raise during its lifetime
(B) Reserve Capital	(I) A portion of uncalled share capital will be called at the time of winding up
(C) Issued Capital	(III) Capital issued to public for subscription
(D) Subscribed but not fully paid capital	(IV) Amount called up and received but not fully paid

Choose the correct answer from the options given above:

Ninza Ltd. forfeited \(1,200\) shares of \(₹ 10\) each, on which \(₹ 8 \) per share as called up and \(₹ 6\) per share was paid up. The amount with which share Capital Account will be debited at the time of forfeiture of Share will be:

At the time of retirement of a Partner, gain on revaluation will be credited to :