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Strategy to Qualify & Excel in CA IPC P1: Accounting
CA. G.P. Kasthuri Rangan, FCA
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
Accounting Standards
1 • Disclosure of Accounting Policies
2 • Inventory Valuation
6 • Depreciation Accounting
7 • Construction Contracts
9 • Revenue Recognition
10 • Acc. for Fixed Assets
AS-3 Cash Flow Statements
Direct Method
Gross Cash Receipts
Gross Cash Payments
Indirect Method
Operating Activities
Investing Activities
Financing Activities
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
Non-profit Organisations
Receipts & Payments A/C
Income & Expenditure A/C
Capital Fund, Corpus Fund, Building Fund, Sports Fund
Balance Sheet
Partnership Accounts
Basic Concepts
Goodwill – Valuation & Accounting
Admission of A Partner
Retirement of A Partner
Death of A Partner
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
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
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
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
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
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
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
Acc. for Bonus Issue
SEBI Guidelines & Conditions for Issue of Bonus Shares
Utilisation of Free Reserves
Capital Reserves Realised In Cash
Journal Entries
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
Questions ????
} All the Best } Thank You