CA IPCC – Group 2 – Advanced Accounts Preparation Tips
In CA IPCC Advanced Accounts is very easy subject compared with other subjects in CA IPCC Group 2 and it is also a scoring subject.
Here SuperProfs is giving some preparation tips for CA Advanced Accounting Exam. By following those tips you can get easily 50 + marks in CA IPCC Exams.
CA IPCC Advanced Accounts Important Questions Chapters
Paper 5: Advanced Accounting
- AS ( Prepare All questions in study material & PM)
- Insurance companies’ financial statement
- Banking companies financial statements
- Branch accounts OR Dept Accounts
- Advanced issue in Partnership or Amalgamation (if asked in 1st group then chances to ask by them is 70:30)
AS- 5,11,16,20 & 26, Amalgamation and conversion of partnership firm, ESOP, Buy Back (Theory most probably), Underwriting, Debenture redemption reserve, Internal Reconstruction, Insurance (Theory or P& L Account), Banking (P&L Account or Provision), Electricity (Depreciation), Foreign Branch and Liquidation.
Preparation Tips :
1) The First and foremost topic to be selected is Accounting standards which carries around 25-30 marks almost 30% of marks so concentrate more on this.. Standard wise Preference is as follows… • AS-4 • AS-5 • AS -12 • AS-20 • AS-19 • AS-26 • AS-29 • AS-16 • AS-11
(mostly basics will ask in exams )
2) Now take on Topics part of Company Accounts which carries overall weightage of 35-40 Marks and the topics are easy compared to partnership accounts…. Topic wise Preference is as follows
• Amalgamation and Internal Reconstruction (In this topics 16 Marks Questions are asked based on the paper asked in group I i.e if 16 Marks Q is asked from Amalgamation in Group I then in second group 16 marks or 8 marks questions are asked from Int.Reconstruction)
• Issue and Redumption of Debentures ( This topic is already covered in Group I i.e AS-13 so students who passed Group I can just revise it once it is sufficient)
• Liquidation of Companies (problems are based on Prescribed formats)
• Buy Back of shares
3) Now If you are confident of doing Partnership Accounts you can go ahead but it is better to choose Accounting for Banks, Insurance , Electricity as these also cover up to 15-20 marks Preparation for this chapters is it is advisable to thoroughly prepare problems of the model asked in previous years (scanner) and Practice Manual
Tip: Don’t waste time preparing lengthy formats as those are not of that relevance
4) Now it is better to choose Partnership Accounts which carries weightage of 16 marks
5) As a final step prepare Branch and Departmental accounts carries weightage of 6-8 Marks
Overall Tip: If you are short of time you can prepare the topics up to Step 3 Above it is sufficient if u prepare them thoroughly.
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