Cambridge O Level/ IGSCE Accounts Notes Archives - Page 14 of 19

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: Discount Allowed and Discount Received entries
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Cambrige Notes: Discount Allowed and Discount Received entries

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

Cambrige Notes: Discount Allowed and Discount Received entries

By Garikai Dzoma|2025-02-12T09:44:53+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:Discount Allowed and Discount Received entries

Consider the following entries and enter them into the books of J Haudzwi

July 20×9
1 Started the business with $1000 Cash
3 Deposited $600 from the cash at hand into the bank
10 Bought goods on Credit from J Mafana for $360
15 Sold Goods […]

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Cambrige Notes: Books of Original Entry
Cambrige Notes: Books of Original Entry

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

Cambrige Notes: Books of Original Entry

By Garikai Dzoma|2025-02-12T08:58:03+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: Books of Original Entry

These are the books in which transactions are first recorded for example when a credit sale is made.
They are also known as subsidiary books.
When a transaction takes place in the business it is often important and imperative to record as much details about a transaction […]

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Cambrige Notes: Principles of Accounting: The petty Cash Book
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Cambrige Notes: Principles of Accounting: The petty Cash Book

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

Cambrige Notes: Principles of Accounting: The petty Cash Book

By Garikai Dzoma|2025-02-12T09:01:37+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

As a business grows it is customary to have a Petty Cash Book and a Cash Book
In large businesses if all small transactions were to be recorded in the in the Cash Book it would become unwieldy
Imagine the example of a retail giant […]

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Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement
Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

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

Cambrige Notes: The format of a Simple Trading and Profit and Loss Account/Income Statement

By Garikai Dzoma|2025-02-12T09:04:48+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 format of a Simple Trading and Profit and Loss Account

The Name of the Business/Proprieter

NB The exact names and types of expenses and other income will vary from business to business you should take your cue from the examination question

Trading and Profit and Loss Account and the Expense […]

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Cambrige Notes: Source Documents and their uses
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Cambrige Notes: Source Documents and their uses

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

Cambrige Notes: Source Documents and their uses

By Garikai Dzoma|2025-02-12T09:08:00+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 and their uses

Accounting is the systematic recording of financial transactions in monetary terms.
Every time a business makes a transaction in the real world a paper trail is created.
The paper trail is known as/are a source document(s)
A source document is the original document that shows that a transaction took place.
For […]

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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|2025-02-12T09:21:48+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: 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: Goodwill: Example entries when a new partner is admitted
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Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted

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

Cambrige Notes: Principles of Accounting: Goodwill: Example entries when a new partner is admitted

By Garikai Dzoma|2025-02-12T09:25:19+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: Example entries when a new partner is admitted

We have looked at entries to be made in the books when a new partner is admitted into the business
Now it is time to look at a simple example of the entries involved

Example Question

Partners Chinjekure and Mupfumi share […]

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February 2025

Example Question