February 2025

Cambrige Notes: Purchases Journal and the Purchases Ledger

By |2025-02-12T08:57:44+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk An example of entries being made in a Purchases Day Book. Image credit rtahosting.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Purchases Journal and the Purchases Ledger

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Cambrige Notes: Principles of Accounting: Discount Received entries simple example

By |2025-02-12T09:01:25+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Source Documents: Three Column Cash Book: Discount Received entries simple example

  • We have looked at the concept of Discount Received here
  • In this topic we will look at entries that can be used to record discount received
  • One thing to be wary off is that different suppliers will likely have different […]
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Cambrige Notes: Sole Trader: Trading and Profit and Loss Account and Capital Accounts

By |2025-02-12T09:04:32+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Terms used in the Trading and Profit and Loss account

  • The Trading and Profit and Loss Account is not balanced off at the end of the trading period
  • This means there are in no corresponding “balance b/d” in the books
  • Instead the Net Profit increases the capital of the owner
  • This […]
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Cambrige Notes: Differences between Ordinary and Preference Shares

By |2025-02-12T09:07:48+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

ZIMSEC O Level Commerce Notes: Differences between Ordinary and Preference Shares

To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes.

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

By |2025-02-12T09:21:42+02:00February 12th, 2025|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

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: Goodwill: When a new partner is admitted

By |2025-02-12T09:25:08+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Goodwill and Partnership businesses: When a new partner is admitted

  • It is not uncommon for a partnership business to admit a new partner
  • This is happens for any number of reasons including:
    • To admit a partner with new skills
    • When the firm is expanding
    • To replace a partner […]
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Cambrige Notes: Principles of Accounting: Statement of Affairs Example

By |2025-02-12T09:28:30+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Single entry and Incomplete records: Statement of Affairs Example

  • We have explained what a Statement of Affairs is
  • Now we will look at an example of how to prepare a Statement of Affairs

Question

W Soja started his business on 1 April 20X2 with $35,000 in a bank account. Unfortunately
he did not keep […]

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Cambrige Notes: Principles of Accounting: Calculating/Estimating depreciation

By |2025-02-12T09:31:23+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Calculating/Estimating depreciation

  • Before it is entered in the books depreciation has to be calculated
  • Where an accurate figure cannot be estimated an estimate has to be used
  • It is entirely up to the business in question to choose an appropriate way of calculating depreciation for each class of assets
  • Whatever the […]
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Cambrige Notes: Principles of Accounting: Solution to Manufacturing Accounts Example

By |2025-02-12T09:34:52+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Example question Manufacturing Accounts

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Cambrige Notes: Principles of Accounting: Purchases Control Accounts Example

By |2025-02-12T09:38:08+02:00February 12th, 2025|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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