i am giving ipcc this november group1..is revised schedule 6 applicable for prparing income and expenditure a/c and balace sheet?in chapter 'financial stateent of non profit organisation'?
1 Replies
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 01 November 2012
Rev schedule is applibale for all chap in exam except:
For Group I
1. NTO
2.Single entry system
Note: In real life rev sch is not mandatory for P'ship Busines, but in exam u have to present your ans in Rev schedule, hence it is applicable in p'ship chap also.)
Note: For Insurance Claim Chap. for back calculation of Cloing stock u can prepare T shape Trading (Memo. Trading A./c.) instead using Rev schedule.
Disclaimer: Above reply is not a confirmed notification from ICAI, i'm just giving my opinion after observing solutions given Practse Manuals.
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