[REVISION] - FINANCIAL STATEMENTS | One Shot | CA Inter Advanced Accounting by CA Vipul Dhall

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Live Doubt Sessions, Mentoring Sessions, affordable prices, video content, printed books, solved exam questions, and practical exercises are provided for effective exam preparation, with a focus on financial statements and dividends distribution. Proper classification of assets, liabilities, reserves, surplus, cash flows, PNL statements, and strategic exam preparation strategies should be prioritized for efficient completion and scoring.

Insights

Regular Live Doubt Sessions and Mentoring Sessions are held to support students, who also receive handwritten notes for quick chapter revisions.
Detailed focus on financial statements, dividends distribution, and Schedule 3 is emphasized, with practical examples and essential components like shareholder funds, liabilities classification, and asset categorization being crucial for exam readiness.

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Recent questions

What are the key components of Schedule 3?
Shareholder funds, liabilities, assets, and investments.

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Summary

00:00

Comprehensive Study Program with Live Support

Number Five: Live Doubt Sessions and Mentoring Sessions are conducted regularly to stay in touch with students.
Number Six: Handwritten notes are provided to students, enabling them to revise every chapter in less than 30 minutes.
Number Seven: Affordable prices are offered for this batch to ensure it is not heavy on the pocket.
Video content is available with unlimited views.
Printed books are delivered to the student's home.
Last year's exam questions, RTP, and mock test papers are solved in class.
Daily practice questions are given to the students.
Live Doubt Sessions and Mentoring Sessions are conducted regularly to stay in touch with students.
The focus is on the financial statements topic, with a complete revision within an hour.
The chapter is divided into three categories: basic theory about the company, distributor profits, and schedule discussion.

15:14

"Dividends Distribution: Key Conditions and Schedule 3"

To carry forward previous year's losses and unabsorbed depreciation, write them off first before considering dividends distribution.
Distributing dividends is logical after absorbing carry forward losses by offsetting them with current year's losses.
A printed book with illustrations and questions covers the topic of dividends distribution, emphasizing three key conditions.
Practical conditions for dividends distribution include not exceeding the average rate of dividends over the past three years and limiting withdrawals to 15% of paid-up share capital.
The timeline for dividend payment is crucial, ensuring distribution within the specified period and transferring funds to a separate bank if not distributed.
Schedule 3 is a significant aspect, with practical questions and discussions on dividends distribution being essential for exams.
Understanding Schedule 3's details, classifications, and key points is vital for accurate balance sheet interpretation and exam preparation.
Shareholder funds, share application money pending allotment, non-current liabilities, and current liabilities are key components of Schedule 3.
Long-term borrowings, deferred tax liabilities, trade payables, and provisions are included in non-current liabilities, while trade payables and short-term provisions are part of current liabilities.
Non-current assets encompass tangible and intangible assets, capital work in progress, long-term investments, and deferred tax assets, with a focus on long-term loans and advances and other non-current assets.

29:52

Proper Classification of Assets and Liabilities

Non-current assets like security deposits are included in current assets
Investments, both current and non-current, need to be remembered in a specific order
Inventory is sold first, followed by trade receivables, trade payables, and cash
Short-term loans are classified at the end of long-term liabilities
Proper classification of current assets and liabilities is crucial
Reserves and surplus are essential components of the balance sheet
Long-term borrowings need to be detailed, including secured and unsecured loans
Current maturities of long-term loans must be disclosed separately
Interest accrued but not due and due interest are significant points in financial statements
Proper presentation of property, plant, and equipment is essential, including net block calculation
Non-current investments, including quoted and unquoted investments, require separate disclosure
Trade receivables and payables need to be classified based on maturity dates
Provision for doubtful debts is crucial for financial reporting
Cash and cash equivalents, including bank deposits, must be classified accurately
Contingent liabilities and commitments, such as bill discounting and contractual obligations, need to be disclosed
Estimates of future payments and commitments should be included in financial statements.

45:00

Strategic Balance Sheet Preparation for Exam Success

Cash outflow in the future not provided for uncalled liability on shares held as investment and other commitments are crucial aspects of the schedule for papers.
PNL statement is divided into income and expenses, with income comprising revenue from operations and other income like dividends and rentals.
Expenses in the PNL statement include raw material consumed, purchases of stock and trade, changes in inventory of stock and trade, finished goods, work in progress, and other expenses like employee benefits, finance costs, depreciation, and amortization.
Loss on sale of investment is an important adjustment in the PNL statement, impacting the total income and expenses.
Examiner may ask about PNL pointers, including the loss on sale of investment, which affects the overall profit calculation.
Strategies for exam preparation include completing PNL first and then the balance sheet, but in extreme scenarios, focusing on the balance sheet first is recommended.
Important adjustments in financial statements, like loans from related parties, inventory calculations, and provisions for estimated tax, should be noted for exam revision.
Step marking is crucial in case the balance sheet does not match, ensuring partial credit for correct calculations.
In time-constrained situations, focusing on completing the balance sheet first and then PNL is advised, with skipping the PNL format if necessary.
Prioritizing balance sheet preparation over PNL in exam scenarios with limited time is a strategic approach for efficient completion and scoring.

59:42

Effective Study Techniques for Exam Success

Revision focus on important concepts and questions, particularly on chapters and illustrations.
Emphasis on practical work like doing illustrations from specific pages and focusing on MCQs and practical questions.
Instructions to subscribe, like, and share videos, along with the importance of doing specific questions and illustrations.
Encouragement for regular study habits, revising Schedule 3, and utilizing provided resources like IPMs and notes for effective preparation.

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