Cambridge O Level/ IGSCE Accounts Notes Archives - Page 12 of 19

Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted
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Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

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

Cambrige Notes: Principles of Accounting: Goodwill: When a new partner is admitted

By Garikai Dzoma|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
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Cambrige Notes: Principles of Accounting: Statement of Affairs Example

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

Cambrige Notes: Principles of Accounting: Statement of Affairs Example

By Garikai Dzoma|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
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Cambrige Notes: Principles of Accounting: Calculating/Estimating depreciation

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

Cambrige Notes: Principles of Accounting: Calculating/Estimating depreciation

By Garikai Dzoma|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
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Cambrige Notes: Principles of Accounting: Solution to Manufacturing Accounts Example

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

Cambrige Notes: Principles of Accounting: Solution to Manufacturing Accounts Example

By Garikai Dzoma|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

This is a solution to a Manufacturing Account question that was posted here
The introduction to Manufacturing Accounts and concepts related to the topic can be found here
We explored the nature and format of Manufacturing Accounts here
We will start by showing the […]

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Cambrige Notes: Principles of Accounting: Purchases Control Accounts Example
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Cambrige Notes: Principles of Accounting: Purchases Control Accounts Example

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

Cambrige Notes: Principles of Accounting: Purchases Control Accounts Example

By Garikai Dzoma|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

Now that we have examined Purchases Control Accounts in detail
It is time to look at an 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: The effects of errors on profit
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Cambrige Notes: Principles of Accounting: The effects of errors on profit

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

Cambrige Notes: Principles of Accounting: The effects of errors on profit

By Garikai Dzoma|2025-02-12T09:41:33+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 Notes: An example of how to correct errors in a suspense account

We have looked at several types of errors that may occur in accounting
There are some of errors that do not affect the subsequent profit figure
There are however some errors that will result in a wrong profit figure […]

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Cambrige Notes: Principles of accounts:Bank Overdrafts

By Garikai Dzoma|2025-02-12T09:45:13+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: The Cash Book:Bank Overdrafts

Bank overdrafts are a way for businesses to borrow money in the short term
With bank overdrafts the business is allowed to withdraw and/or make payments that exceed the business’s bank balance
For example a business has a balance of $200 in its bank account
The business […]

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Cambrige Notes: Sales Journal and the Sales Ledger

By Garikai Dzoma|2025-02-12T08:58:16+02:00February 12th, 2025|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

An example of a Sales Day Book showing entries. Image credit vc-doubleentry.co.uk

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Books of Original Entry: Sales Journal and the Sales Ledger

When cash or other payments e.g. Ecocash/Visa/MasterCard is received when […]

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Cambrige Notes: Principles of Accounting: The Imprest system
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Cambrige Notes: Principles of Accounting: The Imprest system

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

Cambrige Notes: Principles of Accounting: The Imprest system

By Garikai Dzoma|2025-02-12T09:01:42+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: Source Documents: The petty Cash Book: The Imprest system

The imprest system is one where the cashier gives the petty cashier enough cash to meet
the petty cash needs for the following period
This amount is known as a float amount
Let’s say this amount is $500
Then, at the end of […]

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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example
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Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

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

Cambrige Notes: Sole Trader:Trading and Profit and Loss Account/Income Statement Example

By Garikai Dzoma|2025-02-12T09:04:58+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: Trading and Profit and Loss Account/Income Statement Example

From the following trial balance of S Madondo, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet is not required.

February 2025

Question