Discuss and Download IPCC question paper Nov 2014

IPCC 28023 views 64 replies
Veryy lenghtyy nd time consuming paperr ...
Replies (64)
Veryy lenghtyy nd time consuming paperr ...
Attempted 86 marks only NPO was so tough
99% chances dey'l ask amalgamation in grp2 accs
Yea... I toh first of all attempted the easiest question.. That is the last question. . 😄 so that gave me confidence and could attempt 75 marks paper.. Npo took more of my time... And good that internal reconstruction was for 12 marks.. Quite halwa(easy) and scoring question that was!
Ya its time consuming bt , its very easy who prepared we'll...
Npo ka stock thing irritated me the most! Couldn't get the figure of payment and sales only.. IThat's y.. I instead completed the balance sheet and found bank a c closing balance as balancing figure and then I completed receipts n payment 😂😂If creditors balances wouldn't have been there.. It would have been a very easy question..
ICAI asked internal reconstruction in gr-1. Is there any chance that they will not ask IR in group 2
Originally posted by : Aditya dutta
ICAI asked internal reconstruction in gr-1. Is there any chance that they will not ask IR in group 2

Nothing lyk that...In may 2013 attempt they askd IR both in grp 1 and grp 2..

N amalgamatn problm ws der in may 2014 attempt in grp 2 so chance fr asking amalga this tym is low i guess... !

Aditya - Dont drop that chapter , icai is unpredictable , in may 2013 they dropped amalgamation in both groups and gave IR in both...they may do the same this time
AS ke second question ka kya answer hai ...revenue recognition wala.....

Partnership

Revaluation Loss: 93500, Anuj 37400, Ayush 37,400 & Piyush 18,700

Anuj Loan - Rs 283,067

Capital Balances of Ayush & Piyush 297,217 & 297,217

Balance Sheet Tallied at 11,03,500

Internal Reconstruction

Capital Reserve of 26,00,000

Balance Sheet Tallied on 3,09,00,000

 

 

 

Insurance Claim:- Closing stock - 141,500, Loss 141,500-27,000=114,500

Claim = 114,500/141,500*75000 =  60,689

how to calculate closing stock 141500

Debit side:- Opening Stock 120,000+Purchases 240,000+Wages 70,000+Gross profit 62,000 (310,000*20%)

Credit Side:- Sales 310,000+ goods taken by Proprietor 20,000(at cost)+ consignee 18,000+ free samples 2,500

So closing stock is 141,500


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