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How to Prepare for CA IPCC Accounting


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this is a presentation given by a well known faculty on preparaing for the IPCC Accounts Exam

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How to Prepare for CA IPCC Accounting

  1. 1. Strategy to Qualify & Excel in CA IPC P1: Accounting CA. G.P. Kasthuri Rangan, FCA
  2. 2. Chapters Covered 1. Accounting Standards 15 Marks 2. Preparation Of Financial Stts. 3 Marks 3. Cash Flow Statements 10 Marks 4. Profit / Loss Prior To Incorpn. 5 Marks 5. Bonus Issue 4 Marks 6. Amalgamation & Reconstruction 15 Marks 7. Average Due Date 5 Marks 8. Account Current 2 Marks 9. Non-profit Organisations 14 Marks 10. Single Entry 8 Marks 11. Hire Purchase & Installment A/C 5 Marks 12. Investment Accounts 3 Marks 13. Insurance Claims 6 Marks 14. Partnership Accounts 15 Marks 15. Accounting In Comp. Environment 5 Marks
  3. 3. Accounting Standards 1 • Disclosure of Accounting Policies 2 • Inventory Valuation 6 • Depreciation Accounting 7 • Construction Contracts 9 • Revenue Recognition 10 • Acc. for Fixed Assets
  4. 4. AS-3 Cash Flow Statements Direct Method Gross Cash Receipts Gross Cash Payments Indirect Method Operating Activities Investing Activities Financing Activities
  5. 5. AS – 14 Amalgamation & Reconstruction Calculation of Purchase Consideration Merger – Pooling of Interests Method Purchase – Purchase Method Journal Entries Calculation of Goodwill/ Cap. Reserve Preparation of Balance Sheet
  6. 6. Non-profit Organisations Receipts & Payments A/C Income & Expenditure A/C Capital Fund, Corpus Fund, Building Fund, Sports Fund Balance Sheet
  7. 7. Partnership Accounts Basic Concepts Goodwill – Valuation & Accounting Admission of A Partner Retirement of A Partner Death of A Partner
  8. 8. Single Entry Capital Comparison Method Closing Cap. + Drgs.- Addl. Cap.-Opening Capital = Profit / Loss Conversion Method Preparation of Total Drs/ Crs A/C, Cash / Bank A/C, Opening Balance Sheet Determination of Missing Figures Application of Ratios Trading, P&L A/c, Balance Sheet
  9. 9. Insurance Claims Loss of Stock Memorandum Trading A/C Determination of GP Ratio Application of Average Clause Loss of Profit Short Sales Determination of GP Ratio Increased Cost of Working Insured Standing Charges Application of Average Clause
  10. 10. HP & Installment A/C Difference Between Hp & Installment System Calculation of Cash Price Entries In Books of Hire Vendor, Hire Purchaser Interest Suspense Method Default & Repossession Preparation of Hp Trading A/C Stock & Drs Method Elimination of Loading On Stock Determination of Profit Made By Hire Vendor
  11. 11. Profit/ Loss Prior to Incorporation Pre & Post Incorporation Periods Determination of Time Ratio Determination of Sales Ratio Allocation of Exp/Revenue Based On Appropriate Ratios. Determination of Pre & Post Incorporation Profits
  12. 12. Avg Due Date, Account Current Identifying The Base Date Determining Add. Using Formula. Calculation of Interest Preparation of A/C Current With Interest Calculation Balance of Interest Method Balance of Product Method Red Ink Interest
  13. 13. Self Balancing Ledgers Difference Between Sectional Balancing & Self Balancing Ledgers Preparation of Total Drs/ Crs A/C Preparation of Gla A/C Preparation of Dla A/C Preparation of Cla A/C
  14. 14. AS – 13 Investment Accounts Classification of Investments Temporary Or Current Permanent Or Long Term Purchase of Shares / Debentures Sale of Shares / Debentures Profit / Loss On Sale Sale of Rights Bonus Issue Valuation of Investments Long Term = Cost, Current = Cost Or Nrv (Wel) Disclosure Requirements
  15. 15. Acc. for Bonus Issue SEBI Guidelines & Conditions for Issue of Bonus Shares Utilisation of Free Reserves Capital Reserves Realised In Cash Journal Entries
  16. 16. Fin. Statements of Companies Compliance with Revised Schedule VI Redemption of Pref Shares/ Debentures Caln of Managerial Remn Preparation of Balance Sheet, Profit & Loss Statement
  17. 17. Questions ???? } All the Best } Thank You