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Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions
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Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions

By Garikai Dzoma|2022-09-15T12:32:04+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts

As we will continue to emphasize throughout the topic
You ought to pay attention to the requirements of the question and follow these
Where there are no guidelines or the question is silent remember the following provisions:
- Profits and losses are to be […]
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Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example
Gallery
Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

By Garikai Dzoma|2022-09-15T12:32:04+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts Example

Bearing in mind what we have said in the introduction to capital and current accountshere
And the basic guidelines here
It is important to add the fact in this topic will mostly deal with making entries into Capital and Current […]
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Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example
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Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example

By Garikai Dzoma|2022-09-15T12:32:04+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts Example

We have already looked at capital and current accounts here
This is the solution to the question posted here
We will use fixed capital accounts and current accounts to show the entries

The Capital Accounts

The Current Accounts for the partners

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Cambrige Notes: Principles of Accounting: The Appropriation Account
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Cambrige Notes: Principles of Accounting: The Appropriation Account

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: The Appropriation Account

By Garikai Dzoma|2022-09-15T12:32:05+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships:The Appropriation Account

Apart from a few nuances partnerships prepare normal financial statements
These are almost indistinguishable from those of Sole Traders
They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
If this is a manufacturing partnership the Manufacturing […]
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Cambrige Notes: Principles of Accounting: Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Appropriation Account Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Appropriation Account Example

By Garikai Dzoma|2022-09-15T12:32:05+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Appropriation Account Example

You can find the introduction to Appropriation Accounts here
Having introduced them we will now look at an example

Example Question Appropriation Account

Gandanga, Waeni and Banda are partners. They share profits and losses in the respctive ratios

\tfrac{3}{8} : \tfrac{3}{8}: \tfrac{1}{4}
For the year ended […]

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Cambrige Notes: Principles of Accounting: Solution to Appropriation Account Example
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Cambrige Notes: Principles of Accounting: Solution to Appropriation Account Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Solution to Appropriation Account Example

By Garikai Dzoma|2022-09-15T12:32:06+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Solution to Appropriation Account Example

This is a solution to a question that is found here
You can also find the introduction to appropriation accounts here

Solution

Gandanga, Waeni and Banda

Appropriation Account for the Year ended 31 December 20×8

To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level […]

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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example
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Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Partnership Financial Statements Example

By Garikai Dzoma|2022-09-15T12:32:06+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Partnership Financial Statements Example

As already said elsewhere partnerships also prepare Financial Statements at the end of every period
These do not differ much from say those of a Sole Trader
Financial Statements of a Partnership include:
An Income Statement for the period ended
An Appropriation account […]
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Cambrige Notes: Principles of Accounting: Company Accounts: Basic Terms
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Cambrige Notes: Principles of Accounting: Company Accounts: Basic Terms

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Company Accounts: Basic Terms

By Garikai Dzoma|2022-09-15T12:32:14+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Limited Liability Companies: Basic Terms

As pointed out elsewhere there are subtle differences between accounting for sole trader businesses, partnerships and non-profit entities when compared to accounting for limited liability companies
This is due to differences in the way limited liability companies conduct their business when compared to […]
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Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies
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Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Format of Income Statement for Companies

By Garikai Dzoma|2022-09-15T12:32:15+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Limited Liability Companies: Income Statement

As already pointed out in our introduction
The structure of the Income Statement ( Profit and Loss part) prepared for limited liability companies such as Private Limited (PVT LTD) and Public Limited Liability companies
is especially different from those prepared for sole traders […]
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Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies
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Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies

By Garikai Dzoma|2022-09-15T12:32:16+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Limited Liability Companies: Statement of Financial Position

We have looked at the Income Statement for companies here
We will now look at the structure of the Statement of Financial Position
The Statement of Financial Position is almost identical to the one prepared for sole traders
In fact the […]
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Cambrige Notes: Principles of Accounting: Partnerships: Basic guidelines when answering questions

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Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example