Ordinary Level Notes Archives - Page 94 of 180 - Free ZIMSEC & Cambridge Revision Notes

Principles of Accounts: The Analytical Petty Cash Book
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Principles of Accounts: The Analytical Petty Cash Book

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounts: The Analytical Petty Cash Book

By garikaib|2025-02-12T09:18:35+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Source Documents: The petty Cash Book: The Analytical Petty Cash Book

Although petty cash payments are varied in nature
In most businesses there are common items that benefit from petty cash payments
For example motor repair expenses, petrol expenses, employee bus fare, stationary etc
For this reason in such businesses, the petty […]

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Principles of Accounting: Correcting Errors using suspense account
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Principles of Accounting: Correcting Errors using suspense account

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Correcting Errors using suspense account

By garikaib|2025-02-12T09:12:26+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Correcting Errors using suspense account

In another topic we learnt about the need, use and purpose of the suspense account
In this topic we will learn about how to correct errors that involve the suspense account
If you are looking at how errors that are not revealed by the trial balance […]

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Principles of Accounting: The reducing balance/diminishing balance method
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Principles of Accounting: The reducing balance/diminishing balance method

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: The reducing balance/diminishing balance method

By garikaib|2025-02-12T09:40:20+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: The reducing balance/diminishing balance method

As discussed in this topic there are number of ways in which depreciation can be calculated
The reducing balance method is one of these methods
It is also known as the diminishing balance method
A fixed percentage is deducted from the first from cost then subsequently […]

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Principles of Accounting: Sales Control Account Example
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Principles of Accounting: Sales Control Account Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Sales Control Account Example

By garikaib|2025-02-12T09:27:23+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounts Notes: Sales Control Account Example

We have looked at the nature of the Sales Ledger Control Account in detail
Now it is time to look at a detailed 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 balances […]

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Principles of Accounting: Statement of Affairs Example
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Principles of Accounting: Statement of Affairs Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Statement of Affairs Example

By garikaib|2025-02-12T09:42:48+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: 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 proper books […]

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Principles of Accounting: Example question Manufacturing Accounts
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Principles of Accounting: Example question Manufacturing Accounts

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Example question Manufacturing Accounts

By garikaib|2025-02-12T08:58:14+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Example question Manufacturing Accounts

Having looked at the nature of Manufacturing Accounts
And the structure of these accounts
It is time we look at a worked example

Manufacturing Accounts Example Question

E Makonese is a manufacturer. His trial balance at 31 December 20X8 is as follows:

Additional information:

Stocks at 31 December 20X8: […]

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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios
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Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

By garikaib|2025-02-12T09:35:55+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Partnership Entries for Goodwill: Changes in Profit Sharing Ratios

The idea of goodwill has been explored in full here
We have also looked at the unique treatment of goodwill in partnership businesses here
Below we will look at what happens when there is a change in the profit sharing ratio of a […]

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Principles of Accounting: Partnership Dissolution Solution to Example Question
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Principles of Accounting: Partnership Dissolution Solution to Example Question

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Partnership Dissolution Solution to Example Question

By garikaib|2025-02-12T09:38:04+02:00February 12th, 2025|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Dissolution Example

We looked at the basics of partnership dissolution here
We also posted an example question here
Now we will present the solution to that question

The realisation account

Debtors and Receivables are just one and the same thing
Creditors can also be referred to as […]

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Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies
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Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies

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

Cambrige Notes: Principles of Accounting: Statement of Financial Position for Companies

By Garikai Dzoma|2025-02-12T09:22:31+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 Limited Liability Companies: Statement of Financial Position

We have looked at the Income Statement for companies here
We will now look at the structure of the Statement of Financial Position
The Statement of Financial Position is almost identical to the one prepared for sole traders
In fact the […]

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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets
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Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

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

Cambrige Notes: Principles of Accounting: Revaluation of Partnership Assets

By Garikai Dzoma|2025-02-12T09:25:58+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: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

It is often the case that when a business is sold the selling price of its assets would differ from their book values
In such instances there is either a profit or loss on the sale of the assets
This […]

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February 2025

Question

Question

Manufacturing Accounts Example Question

The realisation account