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Accounting for incomplete record single entry

intermediate(ipc)course (no) (1460 Points)

23 October 2012

i have just started accounting for incomplete record single entry but i can't reach at final stage of this sums.this is a elaborate sum.how shall i overcome this?pl help.

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8 Replies

p.chandra sekhar (MBA. Mcom MSC completed & persuing ca inter icwa inter) (273 Points)
Replied 23 October 2012

me to same problem

intermediate(ipc)course (no) (1460 Points)
Replied 23 October 2012

pl give solution. how shall i complete a sum.

kishore (STUDENT(IPCC)) (867 Points)
Replied 23 October 2012

leave that topic... see frnds incompleter records is for subject only not for getting markds...if u perfect with that chapter u can solveany questn from any chapter.. becz it relates to every chapter

some chapters are for learning subject some for scoring marks

*RENU SINGH * (✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ ) (21627 Points)
Replied 24 October 2012

try with solved examples ...

you gotta know about your mistakes then ...

it won't be a big deal to solve whole question by youself ....

CA Lokesh Pokharna (CA (Ahmedabad Bhilwara Chittorgarh)) (4128 Points)
Replied 24 October 2012

single entry is most interesting chapter of pcc accounts.

read s.p. tulsyan book for good grip.

Dilip (student) (212 Points)
Replied 24 October 2012

This is one of the most interesting chapter.....try to solve as many problems as possible....but make sure u complete other chapters in time because there is not much time left for exams.......

Firstly open trading,p&la/c as well as statement of affairs and record the relevant items at the same time.

for eg: when u record closing stock in trading a/c make sure that same was recorded as an asset in closing statement of affairs at the same time.

This reduces a lot of time & there is no chance of anything missing....

Dont ever try to complete trading,p&l a/c first & then go for balance sheet because it is time consuming and u have to once again search each & every item that will go to balance sheet.

1 Like

Urvashi Saini (Difference between Peak Performers & everyone else is what "everyone else" thinks) (1494 Points)
Replied 24 October 2012

I faced same problem in single entry ........ but solutions provided here are quite helpful ....

Sanjay S (Chartered Accountant) (1375 Points)
Replied 24 October 2012

Okay, here's the thing... Like everyone's said, Single entry happens to be the most interesting chapter in the IPCC Acc. Syllabus,

But the problem is , -If attempted Without sufficient practice, it will consume a lot of time at the exam hall (mostly without getting the appropriate answer).

You need to adopt a STEP-BY-STEP approach to counter such questions.

One method is : You can prepare a ledger account for every major item (items appearing in the Balance Sheet) mentioned in the question.. like for instance, you draw ledger account for the debtors and creditors, Cash a\c and Bank a\c, Assets (furniture, plant & mach,etc), Stock a\c, etc. You will be provided with the opening balances (also closing balances in some cases.) in the question. so fill these in the ledger acc you just prepared.. Opening bal comes on the dr. side of the acc in the case of debtors, assets, Cash, etc. and the opposite applies to liabilities, creditors, CApital,etc.

Now you have to fill this ledger accounts with the adjustments given in the question.. like sale\purch of assets, transactions in cash\bank, (discounts, cash paid, etc in debtor&creditors a\c), purchase and sale of stock in trade, etc and then the balancing fig usually is the closing balance of that ledger account.

Also in this chapter, the catch is -- you will be given the opening balance amount of most items, based on which you are required to prepare the current year accounts and also to find the closing capital balance for the year.

A Statement of Affairs is prepared, where in you find the opening capital ( balancing fig of the statement after entering all the other items on the Assets and Liabilities side accordingly).

Then you *enter this 'opening capital' in the capital account of the current year...

*debit capital account with the drawings..

*Credit the capital account with the profit..etc. make any further adjustments if necessary and find the correct closing capital balance.

*post the closing balances of all the items (found by balancing the respective ledger accounts mentioned above) on the appropriate sides of the BALANCE SHEET and see if this final B\S tallies or not.

If this B\S tallies your answer is mostly correct.

If not tallied, well, then you've made a mistake somewhere... ( if this happens in the exam hall, better not waste time trying to figure out where you committed the mistake, JUST LEAVE THE QUESTION FOR LATER, IF YOU DONT GET THE ANSWER IN THE FIRST TRY.

In IPCC, these ledger accounts will form a part of your Workingnote and in case you dont arrive at the answer for some reasons, these working notes will fetch you some marks..

ANyway, whichever method you adopt, you need to Practice, practice and practice...
Afterall, Practice makes a man Perfect !!!

Hope i didnt make this too complicated for you....