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January 2023

Cambrige Notes: Principles of Accounting: Balancing off the accounts

By |2022-09-15T12:31:29+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: Balancing off the accounts

  • Thus far we have only looked at how to record various transactions including:
    1. Purchases
    2. Sales
    3. Returns Outwards and Returns Inwards
    4. Other transactions such as those found in the General Ledger
  • You might have noticed an entry that is listed as “Balance c/d” or “Balance b/d” […]
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Cambrige Notes: Principles of Accounting: Balancing off the Accounts Example

By |2022-09-15T12:31:30+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: Balancing off the Accounts Example

  • We have already looked at the steps you need to take when balancing off the accounts here
  • We will now look at a simple example:

The following transactions took place in the books of Esnath Pasipanodya in the month of August

20X7
August
1 Credit sales G Wadii $310; […]

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Cambrige Notes: Principles of Accounting: Introduction to Control Accounts

By |2022-09-15T12:31:45+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: Introduction to Control Accounts

  • We have already pointed out that errors do occur during the bookkeeping and accounting process
  • Some errors can be revealed by creating a trial balance
  • Control Accounts are another mechanism that can be used to discover errors in the books
  • Control Accounts are used to minimize errors […]
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Cambrige Notes: Principles of Accounting: Purchases Control Accounts

By |2022-09-15T12:31:46+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: Purchases Control Accounts

  • Purchases Control Accounts contain a summary view of the purchases ledger
  • Below is a typical purchases control account:
  • Naturally the exact entries depend on transactions that occur in the business in the period under review or the question in an exam

Sources of information when preparing

NB

  • It […]
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Cambrige Notes: Principles of Accounting: Sales Control Accounts

By |2022-09-15T12:31:46+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: Sales Control Accounts

  • Sales control accounts present a summarized version of what should be in the Sales Ledger in a given period
  • Below is a typical Sales Control Account:
  • The exact look of the sales control account obviously depends on the nature of transactions involved

Sources of information when preparing

    […]
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Cambrige Notes: Principles of Accounting: Purchases Control Accounts Example

By |2022-09-15T12:31:47+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: Purchases Control Accounts Example

You are required to prepare a purchases ledger control account from the following for the month of April. The balance of the account is to be taken as the amount […]

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Cambrige Notes: Principles of Accounting: Sales Control Account Example

By |2022-09-15T12:31:47+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: Sales Control Account Example

Question

Prepare a sales ledger control account from the following information for October 20X6, carrying down the balance at 31 October:

  • Oct 1 Sales ledger […]
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Cambrige Notes: Principles of Accounting: Introduction to Bank Reconciliation Statements

By |2022-09-15T12:31:48+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: Introduction to Bank Reconciliation Statements

  • When we looked at the Cash Book we mentioned that all bank related transactions are recorded in it
  • We glaringly ignored one fact the bank is also a business
  • They have their own set of records about our deposits and withdrawals
  • In modern times due […]
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Cambrige Notes: Principles of Accounting: Preparation of bank reconciliation statement

By |2022-09-15T12:31:48+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: Preparation of bank reconciliation statement

  • We have already looked at what bank reconciliation statements are and why we need them
  • Here we will look at steps required to prepare them and their format
  • First it must be pointed out that the Bank Column in the Cash Book like all of […]
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Cambrige Notes: Principles of Accounting: Bank Reconciliation Statement Example

By |2022-09-15T12:31:49+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: Bank Reconciliation Statement Example

  • As discussed here preparing a bank reconciliation statement involves three steps:
    1. Obtaining the current bank statement
    2. Updating the Cash Book
    3. Preparing the Bank reconciliation statement
  • Now we will look at an example:

Draw up a bank reconciliation statement, after writing the cash book up to date, ascertaining […]

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