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

1. Strategy to Qualify & Excel in
CA IPC P1: Accounting
CA. G.P. Kasthuri Rangan, FCA

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. 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. AS-3 Cash Flow Statements
Direct Method
Gross Cash
Receipts
Gross Cash
Payments
Indirect Method
Operating
Activities
Investing
Activities
Financing
Activities

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. Non-profit Organisations
Receipts & Payments A/C
Income & Expenditure A/C
Capital Fund, Corpus Fund, Building Fund, Sports Fund
Balance Sheet

7. Partnership Accounts
Basic Concepts
Goodwill – Valuation & Accounting
Admission of A Partner
Retirement of A Partner
Death of A Partner

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. 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. 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. 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. 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. 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. 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. Acc. for Bonus Issue
SEBI Guidelines & Conditions for Issue of Bonus Shares
Utilisation of Free Reserves
Capital Reserves Realised In Cash
Journal Entries

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. Questions ????
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