Cambridge O Level/ IGSCE Accounts Notes Archives - Page 8 of 19

Cambrige Notes: Principles of Accounting: Departmental Accounting Example
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Cambrige Notes: Principles of Accounting: Departmental Accounting Example

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

Cambrige Notes: Principles of Accounting: Departmental Accounting Example

By Garikai Dzoma|2025-02-12T09:30:35+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: Introduction to Departmental Accounts Example

We have already looked at the basics of departmental accounting here
Now it is time to look at an example

Example Question

From the following list of balances you are required to prepare a departmental Income Statement in columnar form for the year ended 31 March 20X5, in […]

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Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure
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Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure

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

Cambrige Notes: Principles of Accounting: Capital and Revenue Expenditure

By Garikai Dzoma|2025-02-12T09:34:04+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: Capital and Revenue Expenditure

In accounting it is paramount to separate between revenue and capital expenditure
Naturally all business expenditure can be classified as either revenue or capital expenditure

Capital Expenditure

Capital expenditure is not to be confused with the capital account or capital in general
Capital expenditure is when a business […]

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Cambrige Notes: Principles of Accounting: Balancing off the Accounts Example
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Cambrige Notes: Principles of Accounting: Balancing off the Accounts Example

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

Cambrige Notes: Principles of Accounting: Balancing off the Accounts Example

By Garikai Dzoma|2025-02-12T09:37:11+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: 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: Correcting errors example
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Cambrige Notes: Principles of Accounting: Correcting errors example

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

Cambrige Notes: Principles of Accounting: Correcting errors example

By Garikai Dzoma|2025-02-12T09:40:37+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: Correcting errors example

We have looked at entries required to correct various errors
Now consider the following example

The following errors were discovered in the books of K Musana on 31 March 20×7

Purchases $1,410 on credit from A Rombe had been entered in B Rombe’s account
A cheque of $94 […]

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Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account
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Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account

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

Cambrige Notes: G Musandu Solution:Trading and Profit and Loss Account

By Garikai Dzoma|2025-02-12T09:43:58+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: Sole Trader: Trading and profit and loss accounts and balance sheets: Other items

This is a solution to the question here.

G Musandu

Trading and Profit and Loss Account (Income Statement) for the year ended 31 September 20×9

Sales returns and Returns inwards are the same thing

[…]

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Cambrige Notes: Principles of Accounting: Three Column Cash Book
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Cambrige Notes: Principles of Accounting: Three Column Cash Book

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

Cambrige Notes: Principles of Accounting: Three Column Cash Book

By Garikai Dzoma|2025-02-12T08:56:53+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: Source Documents: Three Column Cash Book

Most businesses offer credit sales in order to increase sales
This creates the debtors accounts which are recorded in the ledger and appear in the Statement of Financial Position (Balance Sheet)
Cash and by extension working capital is the life blood of the business
To […]

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Cambrige Notes: Sole Trader Businesses
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Cambrige Notes: Sole Trader Businesses

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

Cambrige Notes: Sole Trader Businesses

By Garikai Dzoma|2025-02-12T09:00:49+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: Sole Trader Businesses

Characteristics/Features

It is a form of business where there is only one owner who manages and controls the business.
The owner of a business is also known as a proprietor and hence the business is also known as a sole proprietorship which means the business has one owner.
A […]

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Cambrige Notes: Introduction to the Trading and Profit and Loss Account
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Cambrige Notes: Introduction to the Trading and Profit and Loss Account

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

Cambrige Notes: Introduction to the Trading and Profit and Loss Account

By Garikai Dzoma|2025-02-12T09:04:02+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: Introduction to the Trading and Profit and Loss Account

The profit/loss of a business is calculated by preparing a trading and profit and loss account
It is sometimes called only the profit and loss account in error
It is also more accurately known as the: Statement of Comprehensive Income
It is […]

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Cambrige Notes: Private Limited Companies
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Cambrige Notes: Private Limited Companies

Cambridge O Level/ IGSCE Accounts Notes, Ordinary Level Notes

Cambrige Notes: Private Limited Companies

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

ZIMSEC O Level Commerce Notes: Business Organisations: Private Limited Companies

Its operations are governed by the Companies Act.
Formed by 2-50 shareholders.
In other countries a company is formed by 2 or more people with no maximum number of shareholders.
Has a lot of legal formalities including:
It has to create an Articles of Association, Memorandum of Association and […]

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