Ipcc accounts nov. 2013

The paper tested the basic knowledge of candidates.

Q.No 1 - The question on capitalisation was straight forward. Similarly the one on depreciation. The method of amalgation was not that tough either. The one on revenue recognition needed some knowledge of AS -9 

Q.No 2. This involved retirement of a partner followed by admission. If done without hurry this was a simple problem as well. Just four revaluation adjustments and only journal entries and Partner Capital account required. Those who understood the problem to be a first retirement and then admission would have done it fairly well.

Q.No 3- The first question could not have been more easier a straight 8 marks. The cash flow statement would have confused the candidates due to the number of entries in the profit and loss statement but was again a simple one asking just the cash flow from operating activities.

Q. No 4 - The students needed to correct few entries from R&P account and then prepare Income and Expenditure account and balance sheet. Again a simple problem with some hidden clues and adjustment. 

Q. No 5- A must score 16 marks question. Candidates who had not seen or practised the Revised schedule VI might have felt terrible but other wise you cannot expect a easier problem than this. With all balances readily available and debit and credit tallied, should not have been a problem for the candidates.

Q.No 6 - This one was also a bonus which required some data digging from the statements in question. Once through with figure extraction this was also a simple problem

Q. No 7 - Investment account was doable. The current account problem was somewhat ambiguous but still doable. The due date and Reconstruction problem was easy and so was the last question on Computerised environment.