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Solution to ipcc accounts november 2014 paper

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)

10 November 2014

Dear IPCC students,

Here is the solution to Ipcc November 2014 Accounting paper. The views presented here are purely my own views. ICAI has nothing to do with it.I hope it will help you in preparing the topic well. utmost care has been taken to give error free solution. but to err is human.

Regards,

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29 Replies

Akshay Haria (Student CA CPT ) (23 Points)
Replied 10 November 2014

Ty maam..bt seems that Q 1 (C) is incorrect.. However ur answer is logically correct bt as per Practice Manual page no 1.3 it is incorrect ..

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 10 November 2014

Dear Mr Akshay Haria,

the solution to Q 1(c) is absolutely right. This treatment is required to be given for normal loss. In the practice manual, the treatment was not properly given. However, if you see the latest print, that calculative portion has been removed and only treatment part of normal and abnormal loss without calculation is given.

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 10 November 2014

If anybody has any doubt regarding solution part, please don't hesitate to discuss it.

sud (dd) (22 Points)
Replied 14 November 2014

Mam we should not add interest on FD on profit for calculating goodwill because it is non operating income

Sadique Ahmed (student) (52 Points)
Replied 14 November 2014

Madam please provide us costing-fm solution !!!!!

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 14 November 2014

@ sadique ahmed, it will be uploaded in 2 days

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 14 November 2014

@ sud, yes you are right. but if you see the last line of Q 6, it says " the above adjuctmentss were to be made from the profits for the year ended 31.3.2014 before calculation of goodwill." when the question mentions anything very specifically, we dont need to apply our mind.

sud (dd) (22 Points)
Replied 14 November 2014

Thanks mam..can we make assumption??

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 14 November 2014

no need to make any assumption dear. it is specifically given in the question

Kunal Bhati (Student) (23 Points)
Replied 15 November 2014

Ma'am do you even provide suggested answers for law? It will be of great help

kishore (ca) (21 Points)
Replied 15 November 2014

Mam , Can you please upload solution to law and costing fm paper..

Ankit (a) (23 Points)
Replied 15 November 2014

Ma'am it seems as if ur solution for cash flow is incorrect. As in the question paper closing cash and cash equivalents was not given and in such case, is it assumed to be nil, or are we supposed to calculate it?

shakuntala chhangani (FCA Course co-ordinator WIRC coaching centre) (2525 Points)
Replied 15 November 2014

@ Ankit, how come it can be wrong?? Cash flow during the year plus opening cash and cash equivalents equal to closing cash and cash equivalents. Isn't it?