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Problems and Solutions in Accounting (CA Inter, for May 2023 Examination & Onwards)

Problems and Solutions in Accounting (CA Inter, for May 2023 Examination & Onwards)

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For a thorough grasp on the subject of Accounting, adequate practice is required which involves conceptual knowledge and practicing variety of numerical problems. In light of the changes in Companies Act, 2013 and its impact on accounting it is very important that information about terms, accounting conventions and concepts along with relevant provisions of law is handy to the student while working on accountancy problems. The present book is specially designed to enable the students to acquire conceptual base through variety of questions. In each chapter various sections have been introduced so that the student understands the types of problems he/she can confront in the exam. This will test the student in identifying his weakness areas whereupon he can take corrective action. Questions have been taken from the latest examination papers of the various Universities and Professional Bodies. The book has been specially designed for the students studying at the CA (Inter) level of Institute of Chartered Accountants of India. It can also be used for other professional courses. This book has been thoroughly revised keeping in view the latest changes.
Salient Features of the book:
1. Deals with Problems and solutions for all chapters in the course.
2. Arrangement in each chapter is:    
     (a) From simple problems to advanced problems in a chronological manner.           
     (b) Each chapter is further subdivided in various sections to develop the concepts in a logical flow.
3. (Each chapter has a 'Table of Index' for quick reference - indicating the no. of questions in each section)
4. Questions from last 22 past examinations conducted by ICAI, RTP's (Revisionary Test Papers),
     MTP's (Mock Test Papers) and other professional bodies have been incorporated to provide an
     extensive understanding of each and every topic and simultaneously providing an extensive practice.
5. The book is updated for the latest changes in accounting and the Companies Act, 2013.
Chapter 1 : Applicability of Accounting Standards

What are Accounting Standards (AS)? What are the Advantages/
Benefits of AS?
Classification of Enterprises- By ICAI: (Level I, II and III Entities)
Exemptions from As (based on ICAI Directive)
Exemptions from AS (Based on Companies (Accounting Standards) Rules, 2006]
AS-1: Disclosure of Accounting Policies
AS-2: Valuation of Inventories
AS-10: Property, Plant & Equipment (PPE)
AS-11: The Effects of Changes in Foreign Exchange Rates
AS-12: Accounting for Government Grants
AS-13: Accounting for Investments
AS-16: Borrowing Costs
Chapter 2 : Framework of Financial Systems
Section I: Theory Question
Section II: Practical Problems
Chapter 3 : Final Statement of Companies
Section 1: Questions - Presentation of Items in Schedule III (Division I) + Operating Cycle 172
Section II: Problems - Managerial Remuneration
Section III: Problem - Dividend
Section IV: Problem - Appropriations
Section V: Simple Problems - Final Statements
Section VI: Advanced Problems - Final Statements
Chapter 4 : Cash Flow Statement-[AS-3]
Section 1: Theory Questions
Section II: Classification of Activities + Cash and Cash Equivalents:
[Based on Para No. 3 and Para Nos. 11 to 17 AS 3]
Section III: Basic Problems - Direct Method
Section IV: Basic Problems - Indirect Method
Section V: Advanced Problems - Direct Method
Section VI: Advanced Problems - Indirect Method
Section VII: Problems - Direct + Indirect Method
Chapter 5 : Profit or Loss Prior to Incorporation
Section 1: Theory Questions
Section II: Problems - Computation of Ratios
Section III: Simple Problems
Section IV: Advanced Problems
Chapter 6 : Bonus Issue and Right Issue.
Section 1: Theory Questions
Section II: Basic Problems - Bonus Issue
Section III: Advanced Problems-Bonus Issue
Section IV: Problems - Value of Right
Section V: Mix Problems
Chapter 7 : Redemption of Preference Shares
Section 1: Theory Questions
Section II: Computation of No. of Shares to be Issued for Redemption in PSC
Section III: Basic Problems - Redemption of PSC
Section IV: Advanced Problems - Redemption of PSC
Section V: Mix Problems - Redemption of Preference Shares + Redemption of Debentures + Bonus Issue
Chapter 8 : Redemption of Debentures
Section 1: Theory Questions
Section II: Problem - Issue of Debentures
Section III: Problems - Open Market Purchase (Own Debentures only)
Section IV: Problems -Purchase of Outside Investments only
Section V: Problems - Purchase of Own Debentures + Outside Investments.
Section VI: Problems - Redemption by Conversion and Cash
Section VII: Mix Problems - Redemption of Debentures + Bonus Issue etc.
Chapter 9 : Investment Accounts (Accounting Standard - 13)
Section I: Simple Problems - Fixed Return Securities
Section II: Advanced Problems - Fixed Returns Securities
Section III: Simple Problems - Variable Return Securities
Section IV: Advanced Problems - Variable Returns Securities
Section V: Mix Problems - Fixed and Variable Returns Securities
Chapter 10 : Insurance Claims for Loss of Stock and Loss Profit
Section I: Theory Question
Section II: Loss of Stock - Simple Problems
Section III: Loss of Stock - Advanced Problems
Section IV: Loss of Profit - Simple Problems
Section V: Loss of Profit - Advanced Problems
Section VI: Problems on Computation of Policy Amount
Section VII: Loss of Stock and Profit - Comprehensive Problems
Section VIII: Miscellaneous Problems
Chapter 11 Hire Purchase
Section 1: Theory Questions
Section II: Computation of Interest; Cash Retail Price etc.
Section III: Problems - Without Repossession
Section IV: Problems - Without Repossession [Interest Suspense Method]
Section V: Problems - With Repossession
Chapter 12 : Departmental Accounts
Section I: Theory Questions
Section II: Basic Problems - Computation of Gross Profit Rate
Section III: Basic Problems - Apportionment of Expenses
Section IV: Problems on Stock Reserve Only
Section V: Problems - Stock Reserve with Departmental Accounts
Section VI: Problems on Final Accounts
Section VII: Problems on Manager's Commission
Section VIII: Problems on Memorandum Accounts
Chapter 13 : Branches Accounting
Section I: Theory Questions
Section II: Problems - Debtors Method
Section III: Problems - Stock and Debtors Method
Section IV: Problems - Final Accounts Method
Section V: Mix Problems - Various Methods
Section VI: Problems - Wholesale Branch System
Section VII: Problems - Independent Branches: (Journal Entries)
Section VIII: Problem - Independent Branches: (Branch Balance Sheet)
Chapter 14 : Accounts from Incomplete Records [Single Entry]
Section I: Simple Problems - Statement of Affairs Method
Section II: Advanced Problems - Statement of Affairs Method
Section IX: Problem - Independent Branches: (Ledger Accounts)
Section X: Problem - Independent Branches: (Columnar Trading and P&L Account)
Section XI: Problems - Foreign Branches
Section III: Simple Problems - Final Accounts Method/Conversion Method
Section IV: Advanced Problems - Final Accounts Method/Conversion Method
Author Details
CA Parveen Sharma,
B.Com (H), F.C.A, A.C.M.A, C.S Post Graduation in Accounting Standards, US GAAP & Certified Valuer
CA Kapileshwar Bhalla, B.Com (Hons), FCA

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