How to get exemption in CA IPCC Accountancy

Key to get exemption in Accountancy in IPCC

 In the exam of IPCC accountancy is the main subject to score good marks. In the first group paper 1 is accountancy. Its practical subject so students feel good confidence in this subject and aim to score good marks in this subject. Students will have to obtain minimum 60 marks to score an exemption in individual subject. The main benefit of the exemption is not to give that exam another time if student got attempt. An account is the most favorable subject for the exemption. Mostly students try to get exemption in this subject. To get the exemption in this subject conceptual clarity is most important factor.



In accountancy there are probably 14 chapters. In that 4 or 5 chapters are quite important as view point of weight age in the examination and all these chapters are important to clear this examination.

• Single entry
• Not trading companies
• Cash flow
• Partnership accounts
• Hire purchase system

Single entry is chapter of keeping a book record as on single entry base and student should solve the problem by double entry system. To convert the single entry books in double entry system base.

Non trading company is chapter of books records of club, NGO, Hospital etc. they make only receipt and payment account. Students have to convert receipt and payment account in income and expenditure account and prepare a balance sheet of that organization.

Cash flow is a chapter of management of cash which means inflow and outflow of cash of the organization. For an example outflow of cash made by payment of dividend, purchase of machinery etc and inflow of cash means sale of machinery, issue of equity or preference shares etc.

Partnership accounts of is a chapter of to manage an accounts of partners. The sum of partnership is frequently asked in the examination. In accounts of group 1 of IPCC the sum of partnership related to admission of partner, death of partner and retirement of partner.

Hire purchase chapter based on the transaction entries between seller and buyer. If any student read these chapters fluently and clear the concept of all these chapters then he can easily manage the exemption in this chapter.

To get the exemption, students have to solve all the problems of these chapters and solve the question bank of this subject. Students also have to prefer all the three papers of last 3-4 attempts to build confidence in them. The another benefit of getting exemption in any subject is to set off the marks against any other subject in which he got less marks. For an example if student got only 40 marks in law subject then if student gets exemption in the accountancy then he has a total of 100 marks in 2 subjects.

Accountancy is a subject of practical so students must have to solve all problems in written manner and not just read them. Another most important topic in the accountancy is accounting standards. In paper of accountancy highest weight age of accounting standards is around 20 to 25 marks. So students cannot take it easily.

Students have to prepare it perfectly from the study material and practice manual given by the ICAI. Students also may prefer some other reference books for the practice of accounting standards. The conceptual clarity in accounting standards is most important for the students.

In the paper of accounting mostly practical aspect is more and the portion of theory is very less but we cannot underestimate the portion of theory. In theory portion ERP, computerize system, average due date etc are important aspects of theory. Theory aspects are usually given in the study material and the practice manual given by the ICAI.

So all in short students have to read more carefully to get exemption in accountancy and make the pre plan time table for this subject and not to lose self confidence at last time before exam.

So all the best students for your future endeavor.