Certification course on Balance Sheet Finalisation
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Suggestions for Group II IPCC. & PCC.

Paper 1 & 5 : Accounting & Advanced Accounting.

  • In Accounts Hanif Mukherjee And Padhuka both are best.
  • Try to understand the problems with solutions given in the book and than go for exercises.
  • For Accounting standards go for Bharat as it is precise and inclusive of all solutions from past exams of PE-II,IPCC and PCC based on accounting standards.
  • AS are very important as it is asked both in Accounts as well as in auditing.
  • Compilations are most useful next to study material. Go through it for each chapter so that you can know how to write the paper and what does the Institute expects from us.
  • In accounts please go for theory of each chapters first as It would help more than direct practical part.
  • Do not leave anything in option. Because options have been removed and all the questions are compulsory.

Important Suggestions for PCC and IPCC Students for Exams & Preparation.

Paper 2 : Business Laws, Ethics and Communication

Syllabus of Paper 3 Business and Corporate Laws:

The given below table describes weightage of marks including options






The Indian Contract Act, 1872



The Sale of Goods Act, 1930



The India Partnership Act, 1932



The Negotiable Instruments Act, 1881



The Payment of Bonus Act, 1965



The Employees Provident Fund and Miscellaneous Provision Act, 1952



The Cooperative Societies Act, 1912 Including the Multi-state Cooperative Societies Act, 2002



The Companies Act, 1956


Total marks with options


Books to be Referred.

  1. Study module
  2. Compilation
  3. N.D. Kapoor
  4. G.K. Kapoor
  5. RTP of upcoming exam.
  6. Personal notes of cases and sections

General Guidelines for Law

Business Law

  • Start with easy Acts like Bonus or EPF. It will enhance your confidence.
  • Go through module first. Dont try to mug it up just understand the main

content of the topic.

  • Note down the important points and cases in a separate book.
  • Further try to complete special contracts first like quasi contracts,

bailment and pledge, indemnity and gurantee etc.. it is because most of

the questions in last exams are asked from this part only.

(The Indian Contract Act, 1872)

  • Dont waste too much time behind remembering cases and sections.

Its because institute wants knowledge from you about provisions regarding particular Act

Not sections.

If you write right section but your answer is wrong than you will not get

enough marks you m ight get just half or one mark.

But if you know the provisions and your answer is right and even if dont write the

section or case you will get 3 to 4 marks.

I tried that thing and got succeeded in it.

Institute generally asks practical questions from

this chapter and also almost in every chapter in last exam.

So if you know the theory very well but if u cant apply in practical questions you will

get only passing marks.

So compilation will be great source in understanding what institute wants from us

  • Please dont leave all the cases and sections if you have power and time to memorize

sections and cases than please go for it.

I am not saying that they are not important. But main thing is provisions.

  • Just try to memorize important sections like minor-Sec.11 in

Mohiri Bibi vs Dharam das ghose.. of contract Act, 1872.

  • Never try to leave in option anything completely. Just read it 2 or 3 times

for reference if any part is asked from such less important parts like general contracts in contracts. Its important because in case an easy question is asked from this part you can answer it easily rather than leaving it.

  • Prepare a separate note for each chapter in which you should write the important topics, sections and cases and amendment if any (e.g. negotiable instruments act. In 2002) in brief which you can revise speedily at exam time. It is because you will not be able to revise all the lengthy 8 acts in two days on exam.
  • I think you all have seen 3 idiots. It sends an awesome message which says that dont be exam oriented be excellence oriented. Institute normally wants us to be aware of general and working knowledge of different acts not expertise so please dont think about mugging each and everything
  • For EPF act please write each and every answer at least 2 to 3 times in a rough book from compilation and module. It is so because it contains very rigid language and difficult to remember.

Corporate Law

  • Please go through compilation first (including PE-IIs compilation)
  • Then from G.K. Kapoor just go through for 1 or 2 times regarding different small terms and definitions like share, stock, share warrant, allonge, etc.
  • Dont spent too much time in Company law from module as it is lengthy and you also dont have time to complete it. It is because Institute now asks mostly practical problems from each and every act. They hardly ask theory and also if they ask we can attempt it easily or we can took it in option. But please this does not mean that you should feel relax about company law. You have to do it but in a systematic manner as I did.
  • From module do meetings and proceedings, dividends, borrowings, minutes & returns. It is because that part is much easier and also important from exam perspective.


  1. Students of PCC and IPCC should not that above points are applicable to only those points which are in their syllabus.
  2. Dont follow points which are not applicable to you which is not in your syllabus.
  3. Try to understand the basic method of working with Law subject.

With Regards,

Kalpesh Chauhan.

(PE-II November 2009. Paper -3 Business & Corporate Laws 81 Marks).

Costing & Financial Management


Books To Be referred:

  1. Study Material
  2. Padhuka
  3. Personal Notes which are to be prepared for each chapter which will help a lot during exam days.
  4. Coaching notes.

Guidelines for preparing Cost FM paper.

  1. First Try to complete Financial Management par first in paper as well as in Preparation
  2. Try to complete paper only about 80 to 90 marks. It is because many times it may happen that in hurry of completing the paper some questions are answered incompletely or incorrectly which will cost whole questions marks. So be perfect in all the answers you give.And also even 70 marks will also be enough to clear this subject. I wrote only of 65 to 70 marks and got 51.
  3. so dont be confused in marks attempted and result.
  4. In financial management part you will find some easy questions like leverage, cash budget, fund flow statement etc. which you can answer in less time than in other difficult questions of costing and FM. So try to complete these questions first.
  5. In costing tey to answer easy questions like EOQ, cost sheet, material, labour overhead etc. and save time for hard questions like Pocess, contract etc.
  6. In FM try to do Capital budgeting after completing the easy part as mentioned in point 4 above.
  7. As far as reference books are concerned you should go for Padhuka which is best for Theory as well as Practical questions for Costing as well as for FM also.
  8. Go through module i.e Study Material issued by the institute as because many times Questions are asked copy from Study Material also. Further you should not be confused between understanding the question i.e you should interpret the question correctly

e.g If que. is asked for giving a result or opinion say in cash of Capital Budgeting whether to purchase or not in a given circumstance a particular asset IN THIS CASE ANSWER IS INCOMPLETE WITHOUT YOUR OPINON AND YOU WILL NOT GET FULL MARKS AND EVEN YOU CAN BE GIVEN NO MARKS IF THERE IS STRICT CHECKING. Same applies to all the questions where exact demand of the question should be identified by the student. Then only you can give correct answer.


It is to be noted that above mentioned are only suggestions from my own experience. It does not mean to follow them compulsoryily. Follow only if you find it useful.


Books to be referred :

  1. Study Material
  2. Taxmann
  3. Supplementary Study material applicable for the upcoming exam at the time one month before exams

Important Sugggestions for Taxation IPCC & PCC Students

First try to understand the basic criteria of basic definitions and methodologies of different terms used in Tax Levy.

First understand the applicability of different provisions between all of the 5 heads of Income.

Try to understand the provisions and figures i.e. %, dates, penalties etc

Dont afraid of the whole income tax book Of about 1000 pages and about 300 sections. SYSTEMATIC STUDY WILL MAKE THIS SUBJECT EASIER THAN EVER

Prepare a chart for all the 5 heads of income . Write the section in big font and write the title of the provisions of that sections next to the section.

Prepare Income Tax in 5 parts

1. Basic Definitions, Residential status and Exemptions u/s 10.

2. Five Heads of Income.

3. Clubbing of Income, Set off & Carry forward, Deductions.

4. Different ITR forms their filing within stipulated time, Income Tax authorities, TDS, ADVANCE TAX, ITAT.

5. Computations of Total income including clubbing & Tax computation.

Go through compilations to see the pattern & types of questions asked in previous exams.

Regularly visit ICAIs website i.e www.icai.org for regular updates at least once a week.

Taxmann is Best book for tax.

So only 3 books i.e. Taxman, Module & compilation.

Remember dont leave anything in option as the options have been removed from Nov. 2009 in all CA exams.

For Service tax & Vat you should go for Taxmann and Study material & also any amendments to both service tax as well as VAT.

Suggestions for Group II IPCC. & PCC.

Paper 6 : Auditing & Assurance

  • Use study material only as far as possible.
  • But if you find anything difficult or if you are not getting the language properly than Padhuka is best
  • Compilations are most useful next to study material. Go through it for each chapter so that you can know how to write the paper and what does the Institute expects from us.
  • As far as SA i.e AAS are concerned please prepare from D.S. Rawat
  • But do not spent too much time behind SAs as if you can complete study material fully, you will automatically have completed most of the important SAs.
  • So systematic study is required in Audit as I given suggestions in Law (https://www.caclubindia.com/forum/important-suggestions-for-pcc-and-ipcc-students-for-law-eth-86515.asp).

i.e Do not try to mug up. Even in Auditing also ICAI requires practical

applicability of theoretical knowledge. As it is tendency of the institute.

  • Try to apply practical knowledge as if you were conducting audit of that particular entity in Vouching, verification, Inter control Practical questions and specially special audits.
  • Do not leave anything in option. Because options have been removed and all the questions are compulsory.
  • Generally short notes are from First 4 chapters.
  • And also one more thing in True or False questions try to be as precise as possible in your answer and give reference to sections if possible. But if you know the provsions you can get 1 to 1.5 marks easily.

Suggestions for Group II IPCC. & PCC.

Paper 7 : Information Technology & Strategic Management

  • First try to go for study material only in preparing.
  • And Padhuka is best for distinguish and +ve type of questions.
  • Compilations are most useful next to study material. Go through it for each chapter so that you can know how to write the paper and what does the Institute expects from us.
  • Flow chart and decision tables are very easy. Try to complete them in exams as well as in preparation also.
  • As far as Strategic Management is concerned I do not know exactly the syllabus and peper style. I would say go for study material. It is ecause I am a pe-II student and I had Information Technology 100 marks paper.
  • Do not leave anything in option. Because options have been removed and all the questions are compulsory.

All the best

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Published by

Kalpesh Chauhan,
(Tax Assistant (Accounting Technician, CA FINAL, CS PROF. PROG., B.Com))
Category Students   Report

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