Embedded Files
1. Introduction
1-1 Introduction [O]
1-1 Introduction [O]
1-2 Accounting Estimates [O]
1-2 Accounting Estimates [O]
1-3 Guidance: Questions’ styles & Answers’ Format [R]
1-3 Guidance: Questions’ styles & Answers’ Format [R]
2. Accounting Policies
2-1 Accounting Policies [I]
2-1 Accounting Policies [I]
2-2 Kashif Engineering Limited (PQ) [I]
2-2 Kashif Engineering Limited (PQ) [I]
2-3 Q&A Delta Limited [O]
2-3 Q&A Delta Limited [O]
3. Prior Period Error (+Mix Question Practice)
3-1 Prior Period Errors [R]
3-1 Prior Period Errors [R]
3-2 Marvellous Limited (PQs) [I]
3-2 Marvellous Limited (PQs) [I]
4. Comprehensive examples
4-1 Q&A Asif Engineering Limited (PQ) [O]
4-1 Q&A Asif Engineering Limited (PQ) [O]
4-2 Q&A Wonder Limited (PQ) [O]
4-2 Q&A Wonder Limited (PQ) [O]
4-3 Q&A Mohani Manufacturing Limited [O]
4-3 Q&A Mohani Manufacturing Limited [O]
4-4 Q&A Chand Paints Limited (ICAP Autumn 2016) [O]
4-4 Q&A Chand Paints Limited (ICAP Autumn 2016) [O]
4-5 Q&A Zahidi Limited (ICAP Autumn 2021) [I]
4-5 Q&A Zahidi Limited (ICAP Autumn 2021) [I]
4-6 Q&A Daffodil Limited (ICAP Spring 2018) [I]
4-6 Q&A Daffodil Limited (ICAP Spring 2018) [I]
4-7 Q&A Coal Limited (ICAP Autumn 2019) [I]
4-7 Q&A Coal Limited (ICAP Autumn 2019) [I]
4-8 Q&A Supreme Cement Company Limited (PQ) [R]
4-8 Q&A Supreme Cement Company Limited (PQ) [R]
4-9 Q&A Pak Ocean Limited (PQ) [R]
4-9 Q&A Pak Ocean Limited (PQ) [R]
4-10 Q&A Roman Limited (ICAP Spring 2023) [I]
4-10 Q&A Roman Limited (ICAP Spring 2023) [I]
4-11 Q&A Fakhr Limited (ICAP Autumn 2020) [R]
4-11 Q&A Fakhr Limited (ICAP Autumn 2020) [R]
4-12 Q&A Puffer Limited (ICAP Autumn 2023) [R]
4-12 Q&A Puffer Limited (ICAP Autumn 2023) [R]
4-13 Q&A Bard Limited (ICAP Spring 2024) [I]
4-13 Q&A Bard Limited (ICAP Spring 2024) [I]
5. Objective Based Q&A
5-1 MCQs [1 to 21] [O]
5-1 MCQs [1 to 21] [O]
6. Old Practice Q&A (more detailed workings)
6-1 Q&A Asif Engineering Limited (ICAP Spring 2016) [X]
6-1 Q&A Asif Engineering Limited (ICAP Spring 2016) [X]
Query: Sir why you have taken the cumulative effect of dep exp in rectification in profit and loss, sirf jis saal ki dep exp hai uska effect usi saal ke profit ko impact krna chayie na, ye koi balance sheet to nhi hai, ke reverse me jaake ke cumulative effect le rahe hai dep exp ka.
Response:
1. Cumulative effect has not been taken in depreciation expense.
2. Stores were issued in each of three years 2013, 2014 and 2015 (as compared to single asset issue you might have seen in other questions).
3. If you compare working 1 and working 3, you will notice working 1 has period specific effect only as depreciation is PL item, while working 3 PPE has cumulative depreciation effect since it is SFP item.
Query: Sir PPE working 3 mai Cumulative Depreciation ki samaj nhi aarhi ...mtlb jb spare part 2013 kai liyai Year 2013,Year 2014,Year 2015 Mai 11 ,11,11 ka impact minus kiya hai to Year 2014 mai Cumulative impact kyooN liya mtlb 11 kai sath 24 .....ham 11 aur 13 separately b lai sktai thai instead of 11 and 24(Cumulative ) ....why there is a need of 24 here ....Similar case is in Year 2015....Waiting for your kind reply
Response: W3 is about PPE an SFP item as compared to W1 Depreciation and W2 Profit which are SPL items. If you compare working 1 and working 3, you will notice working 1 has period specific effect only as depreciation is PL item, while working 3 PPE has cumulative depreciation effect since it is SFP item. In PPE, accumulated depreciation (cumulative) figure is to be deducted rather than only Depreciation expense for the year.
6-2 Q&A Marvelous Limited (ICAP Autumn 2017) [X]
6-2 Q&A Marvelous Limited (ICAP Autumn 2017) [X]
6-3 Q&A Wonder Limited [X]
6-3 Q&A Wonder Limited [X]
6-4 Q&A Coal Limited (ICAP Autumn 2019) [X]
6-4 Q&A Coal Limited (ICAP Autumn 2019) [X]
Query: Sir why we didn't consider impact revaluation loss of 40 in profit loss statement for year ending 30 june 2017?
Response: The disclosure under IAS 8 relates to comparative periods presented:
1. in SFP two comparative SFP are presented (so disclosure relates to those two periods)
2. in SPL only one comparative (i.e. last year) is presented (so disclosure relates to only that one period).
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