Dear IPCC students,
Here is the solution to Ipcc November 2014 Accounting paper. The views presented here are purely my own views. ICAI has nothing to do with it.I hope it will help you in preparing the topic well. utmost care has been taken to give error free solution. but to err is human.
Regards,
Dear Mr Akshay Haria,
the solution to Q 1(c) is absolutely right. This treatment is required to be given for normal loss. In the practice manual, the treatment was not properly given. However, if you see the latest print, that calculative portion has been removed and only treatment part of normal and abnormal loss without calculation is given.
If anybody has any doubt regarding solution part, please don't hesitate to discuss it.
@ sadique ahmed, it will be uploaded in 2 days
@ sud, yes you are right. but if you see the last line of Q 6, it says " the above adjuctmentss were to be made from the profits for the year ended 31.3.2014 before calculation of goodwill." when the question mentions anything very specifically, we dont need to apply our mind.
no need to make any assumption dear. it is specifically given in the question
@ Ankit, how come it can be wrong?? Cash flow during the year plus opening cash and cash equivalents equal to closing cash and cash equivalents. Isn't it?
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