PAPER-1: ACCOUNTING – A Brief Analysis
Overall analysis:
(1) The 15 minute’s Strategic Time out is really helpful to decide which question will be left out and how to maintain time management for all the questions. Although question paper was little bit lengthy and that is why some friends may have left out some points.
(2) Again an unexpected question paper by ICAI. Except Q.1 all the questions are of 16 marks individually. The questions asked by them in a basic knowledge purpose.
(3) So many friends were happy after giving the exam. The reason is that some friends may be able to get an exemption worthy marks after this paper and can compensate the risk against other subject.
(4) Some chapters had been neglected by ICAI: Internal Reconstruction, Profit Prior to Incorporation, AS
(5) Almost all question asked about the Balance Sheets, so that is clear that if one can tally the Balance sheet one can able to collect the full marks.
Question paper analysis:
Que. 1: [20 marks, 5 marks, 4 ques.]:
Q.1 (a) This is an easy question to calculate Purchase Consideration from the chapter Amalgamation.
(b) Question related to Fire claim. This question is also quite easy for calculations.
(c) This is question based on goodwill. Methods of goodwill has been asked and it was easy.
(d) Investment account’s some. Very easy in calculations
Q.2 [16 marks]: It was a basic question regarding Issues in Partnership. This question focuses on the admission of the partner and fix out the capital. The new profit sharing ratio’s calculation is quite tricky and the answer is 16:9:35.
Q.3 [16 marks]: Question asked from the chapter amalgamation. The point can see in the question regarding calculation of number of equity shares and pref. shares to be allocated by Purchasing company in discharge of consideration.
Q.4 [16 marks]: Easy calculative question about Cash Flow Statement in respect of AS 3. The method of preparation of Cash flow is indirect method which have been rarely asked by ICAI.
Q.5 [16 marks]: This question is about Not-for Profit Organization’s financial statement. This question takes real exam of friends. The main point to be focus on Subscripttion and its hidden adjustment. Otherwise sum is very easy.
Q.6 [16 marks]: The sum is of Single Entry system (Accounting from Incomplete Records). This question is a basic question from the chapter. The main point about the sum is that Purchase was not given but can be calculated on the basis of Debtors’ opening and closing Balance.
Q.7 [16 marks, any four, 4 marks]:
(a) Tricky question of Avg. due date and calculation of interest. The main point should be noted about this some is Interest on drawings.
(b) Only direct question from Accounting Standards. This question is focus on the basic information about AS 2: Inventories.
(c) Again the direct question on various aspect of partnership firm viz. New Partner Admission, Calculation of New Profit Sharing ratio and valuation of Goodwill.
(d) This question is only direct theory question of Computerized environment of accounting. This question asked about the significance of computerized environment.
(e) The tricky question about Self Balancing ledger with basic information.
Note: This is my personal views. Even I also was appear for exam.
Regards, Bhavin Pathak
CAclubindia
