CA IPCC CHAPTERWISE ACCOUNTS NOTES
Friends below is the complete notes, chapter wise for IPCC Accounting. These notes includes Theory questions, practical questions. Below is the Study tips regarding interlinking of various topics and download links for CA IPCC CHAPTERWISE ACCOUNTS NOTES for Nov 17 exams.
Keep in mind the Inter-linking of various topics
The provisions of accounting standards have to be kept in mind and applied while studying the related chapter based on the particular accounting standard. If your concepts are clear relating to a particular standard, you should not face any problem in applying the same to solve problems in an inter-connected chapter. Sometimes even though the chapter may not directly relate to an accounting standard, it may contain adjustments involving application of one or more standards.
We have made an attempt to explain with the help of tabular format given here under the manner in which concepts contained in the particular chapter of the study material have to be interlinked with the related provision in another chapter of the study material and read together:
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|Chapter 1||Accounting standards||Nine Accounting standards have been specified in this paper viz AS 1, 2, 3, 6, 7, 9, 10, 13 and 14.|
|AS 3 is on Cash Flow Statement. There is a separate unit in chapter 2 which deals with Cash Flow Statement. All the provisions of AS 3 will be applied while preparing the cash flow statement of a company.|
|Provisions of AS 13 ‘Accounting for Investments’ will be applied to an extent in chapter 12 Investment Accounts. For example value of closing balance of investment at the end of the accounting period will be cost or fair value whichever is less is as per para 14 of AS 13.|
|Chapter 2||Financial statements of companies||Format of Schedule VI* explained in this chapter is to be applied in the financial statements of companies required to be prepared inchapter 4 ‘Accounting for Bonus Issue’,chapter 5 ‘Internal Reconstruction’ andchapter 6 ‘Amalgamation’.|
|Cash flow statement is to be prepared as per AS 3 explained in chapter 1|
|Chapter 3||Profit or loss prior to incorporation||This chapter applies the principle of periodicity read at CPT level in the paper of Fundamentals of Accounting.|
|Chapter 6||Amalgamation||Provisions of AS 14 should be kept in mind while studying this chapter.|
|Chapter 9 and 10||Financial Statements of Not – for – Profit organizations and Accounts from Incomplete Records||These chapters apply the provisions studied in the chapter ‘Preparation of Final Accounts for Sole Proprietors’ at CPT level.|
|Chapter 12||Investment Accounts||Provisions of AS 2 and 13 should also be remembered while valuing the closing balance of investment at the end of the accounting period.|
|Chapter 14||Issues in PartnershipAccounts||In ‘Fundamentals of Accounting’ at CPT level, we had a chapter on partnership which dealt with profit and loss appropriation account of partnership firm, admission, retirement and death of a partner.|
Other chapters though not specifically interlinked with any chapter but still apply the provisions already read earlier.
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